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I WANT TO AUCTION MY PROPERTY
For those looking for a quick sale with no estate agents fees, backed up by the security of a buyer deposit - auction is the answer
The Great North Property Auction was founded in 2011 and is operated by auctioneers IAM-SOLD Ltd
From the outset it has proved to be an enormous success with well over 2000 properties now sold over a wide range of prices
Auction is an ideal way to attempt for a quick sale secured by a buyer deposit
If a property is priced correctly for auction, it will attract lots of interest and should then achieve its best price, underpinned by a non refundable buyer deposit and a commitment to exchange contracts in 56 days
AUCTION IS NOT JUST FOR CHEAP PROPERTIES
Some sellers believe that auction is just for cheap properties or bank repossessions. This is not the case
Click below to see the wide range of properties we have sold at auction
If you have a high demand property, where many buyers are expected to be interested, auction is probably the best way to get you the highest price
Think of those people selling in demand pieces of art, furniture, jewellry, classic cars, etc. They generally use auction, because they expect they will get the best price
Entering your property into The Great North Property Auction is easy
Your first step is to simply contact your nearest Dowen branch
HERE'S WHAT WE WILL DO
Our valuer will call at your property and discuss how our auction works and whether your property fits the criteria to make it a viable auction prospect
If it does fit the criteria
We must first agree with you a minimum sale price. The Reserve Price
This is the price below which we will never sell the property without your authorisation
Many people will have an idea of a reserve price themselves. Where would you set it for your property?
Once a reserve price is agreed and you are happy to go ahead, a 60 day sole agency auction contract is prepared and signed by you and us, on behalf of The Great North Property Auction
Great North Property Auction will then commission a Buyer Information Pack which contains searches and other information, for people who want to make a bid
They'll also send you a “fixtures and fittings form” to complete. This will be added to the Buyer Information Pack
Thereafter your property is ready for marketing and auction
MARKETING
We will market your property by contacting registered buyers + investors whilst advertising it in branch and 24/7 via numerous internet property websites
INDIVIDUAL ON-LINE INTERNET AUCTION
We take your property to auction, on the internet, via The Great North Property Auction website - www.gnpa.co.uk
It works just like eBay. A count down clock is set and your individual on-line internet auction commences
Buyers make bids on line, just like e-Bay
During the marketing period, before the countdown clock is started, buyers can make bids direct to our branches or The Great North Property Auction office
We will keep in touch with you throughout the process and advise you of all bids we receive in the marketing period
Once the auction clock is started, you will be able to watch auction progress, live, on-line
NON REFUNDABLE RESERVATION DEPOSIT SECURES THE SALE
When the on-line auction ends, the buyer who has bid the highest above the reserve price, signs an auction sale contract and pays a reservation deposit (sometimes called a Buyers Premium)
If the reserve price hasn't been achieved, we will refer to you with bids received and give you the option to accept a bid or instruct us to negotiate with a bidder on your behalf. If a bid is then accepted by you, once again, the buyer signs an auction sale contract and pays a deposit
The deposit, usually £5000+vat, is paid over and above the price bid. Unless agreed otherwise, the deposit is non refundable
56 DAYS TO EXCHANGE CONTRACTS
The buyer is expected to exchange contracts within 56 days of sale contracts being received by his/her solicitor
You have the security of knowing the buyer is unlikely to pull out of the sale as he/she will lose his/her deposit
If you accept a bid during marketing, before the on-line auction commences, the buyer is subject to the same, sale contract, deposit and exchange of contract terms
WHAT PROPERTIES ARE BEST SOLD AT AUCTION
In Demand Properties where lots of buyer interest is expected
This type of property is perfect and should achieve the highest price when offered in an auction room environment. Better still, when sold at auction, that price is underpinned by a non refundable buyer deposit reducing the possibility of a sale fall through to virtually zero. Selling such a property via the traditional estate agency route usually ends in buyers making sealed bids, where often the highest price a buyer is ultimately willing to pay is not necessarily achieved. Plus, the successful sealed bid buyer could pull out at any time with virtually no financial penalty
Properties where the owner wants a quick secure sale
If a property is priced correctly for auction, it will attract lots of interest and should then achieve its best price, underpinned by a non refundable buyer deposit and a commitment to exchange contracts in 56 days, of contracts being received by his/her solicotor
Properties which require upgrade
This type of property is an ideal auction prospect because they attract much interest, from builders, investors, buy to let buyers and people looking for a project. Most often they are cash buyers and willing to bid the price up to get the property they want. Best of all, the highest bidder pays a non refundable deposit and commits to exchanging contracts in 56 days, of contracts being received by his/her solicitor
Building Land
In popular localities land on which to build is always in demand and should thus achieve the highest price when offered in an auction environment
HOW MUCH DOES IT COST TO SELL AT AUCTION
You have no estate agency fees to pay because the deposit paid by the buyer is retained and pays for the services of Great North Property Auction and Dowen Estate Agents
You will have however to pay your own legal fees plus £445 for the preparation of the Auction Sale Pack
WHAT IF MY PROPERTY DOESN'T SELL
Within the first 60 days of listing, if you have NOT RECEIVED AN ACCEPTABLE BID and wish to withdraw your property from the market, you must give 21 days written notice and pay £360
After the first 60 days of listings, if you have NOT RECEIVED AN ACCEPTABLE BID and wish to withdraw your property from the market, you must give 14 days written notice. You will have nothing to pay Dowen or The Great North Property Auction
You will always be liable for any legal costs you have privately agreed to with your solicitor
HOW DO I GO AHEAD
Your next move should be to have one of our valuers call at your property, on a no obligation basis, to discuss the merits of auction
Either call your local branch or click below to book on line
We will assist in choosing a reserve price... Remember this is the figure below which we will never sell your property without your authorisation
After that, it’s up to you
Please contact us today
