Question about selling
What is a guide price?
A guide price is the quoted figure used during the marketing period and used by potential buyers to decide if a property is of interest to them. Setting the right guide is important in attracting as many bidders as possible. It can be quoted as an open guide such as £100,000+ or as a closed guide say £90,000 – £110,000.
What is a reserve price?
The reserve price is an undisclosed figure agreed by the seller and the auctioneer. The property cannot be sold below the reserve during the auction. The reserve price may be set later than the guide or just before auction day to reflect the interest levels and feedback from potential buyers. A reserve price cannot be set more than 10% above an open guide or must be set within or below a closed guide.
What is a legal pack?
Your solicitor will prepare an auction legal pack and contract for all potential buyers to view before the auction. The legal pack contains all the important documents and information that a buyer needs to know before buying. It is used on auction day to exchange contracts with the buyer. More about auction legal pack.
What is an addendum?
This is a list of any changes to the auction lots that occur between the catalogue being printed and auction day. It will list any guide price changes and lots sold prior to auction for example.
Can I sell prior to auction?
Yes. We often get offers prior to auction from buyers who do not want to wait for the auction. Whether to sell prior or not will depend on the offer amount & other interest received prior to the auction. Nationwide Property Auction House will advise on what to do.
What happens if my reserve is not met?
If bidding on the day does not reach or exceed the reserve the auctioneer cannot sell your property. You will have the option of accepting the highest bid after the auction if the buyer still wants it!
How do I get a free auction valuation?
What fees are involved in selling by auction?
Fees are only paid when the property is sold. The seller would only pay the Auction Entry Fee (£495 + VAT) and Auction Sale Commission upon the successful sale of the property. We can even arrange for a solicitor to deal with the legal pack. An auction sale commission will be agreed and confirmed in writing and varies depending on the property value and your exact requirements.
How soon can I sell my property by auction?
Nationwide Property Auction House is taking entries for auction all year long. If you are ready to sell your property by auction then complete our property valuation and one of our agents will contact you immediately. It takes less than 30 days to complete an auction sale.
How long does the buying process take?
The moment the auctioneer’s hammer falls, the buyer will have 28 days to complete the auction sale. They are also required to pay 10% deposit (minimum of £2,000) of the property and £1,000 Buyer’s Fee on the auction day.
How do get the auction catalogue?
The catalogue is published online. We are able to update the online catalogue with amendments to guide prices, viewings, property details, withdrawn/sold prior properties and important notices.
The catalogue is published online 2 weeks before the auction day. You will also receive an email alert to notify you when the catalogue is available online.
What should I bring to the auction?
Successful buyers will be required to present the following:
- Photographic Identification – Passport or photo driving licence
- Proof of Address – Utility bill, bank or mortgage statement, local authority tax bill (issued within the previous three months)
- Details of your solicitor
- Payment – Payment is accepted by debit card, cheque, bankers draft, Barclays Pingit or a bank transfer at the auction. Please make cheques payable to ‘London Property Investment Network’.
What if I am bidding on behalf of another person?
You will be required to provide a letter from the person(s) you are bidding on behalf of granting permission to bid on their behalf, certified photographic identification copies of that person and proof of address copies.
What if I am bidding on behalf of a company?
You will be required to provide a certificate of incorporation of that company.
Where is the auction being held?
What time does the auction start?
Is registration required on auction day?
Registration is required if you are bidding. Successful buyers will be ushered to the contracts room to sign contracts and make 10% deposit (minimum £2,000) and Nationwide Property Auction buyer’s fee payment. The buyer’s fee is £1,000 + VAT. The fee is payable on exchange of the contract.
Can the auction be viewed online?
Auction packs, addendums & notices
Please make sure you read the addendum document before you bid. This will be available on the Nationwide Property Auction website and for inspection on the notice board at the enquiries desk. The auction pack will be made available to potential buyers via laptop computers at the enquiries desk. If you are a successful Buyer then please download the Auction Pack from the Nationwide Property Auction website.
If I am unable to attend the auction can I bid remotely?
Yes, you may bid by telephone, proxy or online. However, we strongly recommend that you make every effort to attend the auction. Visit the Document Centre to download the Proxy and Telephone Bidding Form.
Where can I find the viewing times?
Please check viewing times online for any changes before you set off on your journey. (Please note viewings are not listed before publication of the catalogue which is always 2 weeks prior to the Auction). A viewing schedule is published online.
Do I need to register to view a property?
Registration is not required for a viewing. They are open viewings so you may just turn up. A viewing agent will be there from the start time and for at least 20 minutes.
If I am running late could I request that the viewing agent extends the viewing slot?
We are not able to extend viewing time slots. Our viewing agents are on a precise scheduled run and have other properties to attend throughout the day.
Can I arrange individual viewing times that are not listed on the viewing schedule?
We are not able to arrange viewings at any other times other than those listed in the viewing schedule.