I Have Been Treated As An Individual Throughout Not Merely A Lot Number
A huge thank you to Andrew, Olly and Nick for the recent successful sale of my garage. The whole experience with Hollis Morgan has been wonderfully stress-free, from the speedy response by Olly to my initial enquiry, to the updates from Nick, and to Andrews virtuoso performance on auction night. I have been treated as an individual throughout, not merely a Lot number which is particularly appreciated, as is your sense of humour! I have no hesitation in recommending Hollis Morgan to future clients. Ann BS6
24 July 2015
Olly Is Defiantly The Right Agent To Sell Your Property As He Follows Up The Process At All Stages And Is Very Professional
Olly and the team are extremely helpful and in what are very strange time ensured that the process of purchasing our property was relatively straight forward . Olly is defiantly the right agent to sell your property as he follows up the process at all stages and is very professional . I wouldn’t hesitate to recommend Hollis Morgan to anyone .They have a vast range of properties for sell . Thank you MC
18 February 2021
We Were Blown Away By The Price You Guys Achieved
Hi Ollie Thanks you and all your team for the excellent and professional service we received from you and you team guiding us through the auction process we were blown away by the price you guys achieved for us!! Thanks for keeping us strong with our post brexit concerns! Many thanks the Bakouras family
25 July 2016
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The Team Made It A Straight Forward Process
First time Id sold through auction but pleased to say that Olly and the team made it a straight forward process. Very impressed with how pro-active they were in looking at the space and trying to inspire people and generate as much interest as possible. Thanks again for your excellent service which ultimately led to a great result at auction. Martin Mulligan
18 September 2014
How Do I Set The Reserve Price
Your reserve is the lowest price you will accept this is kept private between you and the auctioneer. If all the offers are lower, the auctioneer will withdraw the property from the auction.
If someone offers your reserve price or above, the auctioneer will drop the hammer and you wont be able to back out, so think it through. See our guide what price should I sell my house for?
If your house has been on the market already and you havent had any offers for the price you wanted, maybe youre being unrealistic and you need to lower your expectations before going to auction.
Dont worry if you realise youve set your reserve a bit too high, you can still negotiate with a buyer after the auction.
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Super Efficient Great Communication Weekly Updates Questions And Advice Dealt With In A Friendly Caring Way Business Side Advertising Viewings Outreach To Prospective Customers Ace
Super efficient ,great communication, weekly updates, Questions and advice dealt with in a friendly , caring way. Business side , advertising, viewings ,outreach to prospective customers” ACE”. Safest of hands in which to place your property. Auction quite an experience, and sale price way beyond expectations, all due to the hard work of Hollis / Morgan and crew. Many Thanks for a job WELL DONE!!! Pam Smith – Cadbury Heath
7 August 2018
The Whole Process Went Very Smoothly
Hi Olly, Just dropping you a line to say thanks to all the team at Hollis Morgan for the excellent work helping to sell our property through auction. The whole process went very smoothly and I think that is all down to the hard work that you put in preparing the packs and showing prospects around. Thanks again, John
19 January 2015
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The Auction Process Was Clearly Explained At The Outset And I Was Kept Up
So pleased I chose Hollis Morgan to sell my property at auction! Great company to work with, who obtained a great result for me. All members of staff with whom I had contact were completely professional and knowledgeable in all aspects of the transaction, and always friendly and helpful. The auction process was clearly explained at the outset, and I was kept up-to-date every step of the way. All my queries were promptly answered. I would not hesitate to use Hollis Morgan again, should the opportunity arise! Anna Rogers – GL1
22 March 2021
An Exceptional Service You Provide And So Professional And Efficient You Run A Very Slick Operation
WOW! Olly Hollis and his team what an exceptional service you provide and so professional and efficient, you run a very slick operation. We had not sold a property through auction before, so were unsure of the procedures, but you held our hand throughout the process. We were pleasantly surprised when we received offers before the auction and even more delighted when one of the offers was over our reserve price. We took the decision to except the offer before going to auction. Although we were disappointed we did not get to experience the auction we were very pleased with the outcome and look forward to attending an auction with Hollis Morgan in the near future. Courtfield Homes Limited
23 February 2017
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The Whole Process Was Stress Free With Everyone In The Company Very Professional Friendly And Efficient And I Would Thoroughly Recommend Using Them And Will Certainly Use Them Again Myself In The Future
I would just like to say how pleased I was with the superb service I received from Olly & Nick and all at Hollis Morgan in the recent sale of my property. It was due to go to auction but sold prior to the auction for a price well above what I was expecting. The whole process was stress free with everyone in the company very professional, friendly and efficient and I would thoroughly recommend using them and will certainly use them again myself in the future. First class service throughout the whole process – thank you very much Olly, Nick and all at Hollis Morgan! CH – Gloucester
5 July 2017
Great Communication And Totally Professional From Beginning To End
Olly and the staff were extremely compassionate and understanding throughout the whole process, and engaged with me personally to reduce the stress and tension involved when having to resort to auctioning my property to get a quick sale. Great communication, and totally professional from beginning to end. I would highly recommend this team to you all. Thank you all! Tom Howard – Gloucester
14 October 2020
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I Was Thrilled With The Outcome
“What an absolute pleasure to deal with you Olly. Your advise and knowledge of the Bristol market were invaluable in the successful sale of my property. Your enthusiasm and attention to detail was excellent, combined with your open and honest communication with me at all times. This was my first experience of selling at auction, it went exactly as you said and I was thrilled with the outcome. I would certainly recommended you and your company to anyone thinking about selling at auction. Thank you.” Keith, BS9
24 July 2015
Everything You Need To Know About House Auctions
Everything you need to know about buying auctioned homes is within your reach you need to know where to find it. If for nothing else, buying houses at auction isnt more difficult than following through on a traditional sale , its just different. And as I am sure you already know, different doesnt mean harder it just means you need to look at it from a different angle.
If you are considering buying houses at auction, heres that alternative angle you may have been searching for:
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Buying Auctioned Homes With An Fha Loan
The Federal Housing Authority loans are mortgage loans that enable buyers with less capital and credit to become homeowners. FHA loans can be used to buy nearly any house, though the property must meet certain value and safety requirements. These regulations are meant to protect buyers from properties that are not up to code and come in handy when purchasing foreclosures. The process will typically involve a fee appraisal, which can be thought of as an appraisal and home inspection in one.
The main challenge buyers may face when using an FHA loan for auctioned properties is any major repairs required on the property. Because auctioned properties are frequently sold as is, if they do not meet the FHA conditions, the home may not be eligible. However, if you are still interested in purchasing the home, it may be worth looking into an FHA 203 rehab loan. This will allow you to purchase a home in need of repairs, though the credit requirements are higher than a typical FHA loan.
I Would Like To Say Thank You Very Much For The Ultimate Professionalism In The Way You Handled Our Sales And The Communication Was Instant
I would like to say thank you very much for the ultimate professionalism in the way you handled our sales and the communication was instant, which in today’s world is what we want when buying and selling as there is nothing worse than not knowing the situation. Olly is first class at communication and kept us fully updated instantly Ernie Arathoon – Keith Dawe .
20 July 2017
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Why Are Some Houses Sold At Auction
Most people are somewhat familiar with how to buy a house, even if they dont know any of the details about how it works. Theres a For Sale sign, and a phone number to call. You visit the house and decide if its for you. If it is, you tell the agent, who prepares an offer and tells you what steps you need to take next. At some point, the sign is gone and the house is yours.
But there are other ways that homes are sold, and auctions are one of them. There are two main ways that a house ends up at auction: through foreclosure due to missed payments or defaulting on tax payments.
They Were Honest Worked Hard For Our Best Interest And Always Had A Positive Attitude To Our Property
“We had failed to sell our property through a normal estate agent so decided on the auction route. We met several auction houses at the property and picked Hollis Morgan following their visit. They were honest, worked hard for our best interest and always had a positive attitude to our property. During the whole process they were really easy to contact to discuss any issue or answer our questions. They even came back to me outside of office hours, you always felt they were working for you 24/7.” Dave Bird
3 October 2017
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You Must Have Cash To Make The Purchase
Most auctions have very strict rules about how you can pay for your purchase, and they almost always involve cashiers checks or cash. You can finance auctioned properties and there are loans available, and we will discuss them later, but in order to bid, youll have to prequalify by showing that you have cash available to complete the purchase, often on the same day as the auction.
Thats why most purchasers of auctioned-off properties are real estate investors. They generally have the financial backing of investors, or they have set up their businesses to allow for high cash reserves.
Olly Is Enthusiastic Confident And The Perfect Person To Lead A Team To Sell Your Property
Olly is enthusiastic, confident and the perfect person to lead a team to sell your property. I may even call him jolly from now on..???? Want to thank Nick for his help too. Sold pre auction and although it was a great deal. These guys go over and above. Now where is the champers.???? Mark Knight – Kingswood
27 February 2020
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All Stages Progressed Smoothly
Thank you very much for handling of the sale of our late fathers house. All stages progressed smoothly. your excellent photos and presentation of the house particulars, your patience and understanding of postponements due to probate delays, your management of the property viewings, your knowledgeable guidance concerning the reserve price on the night of the professionally managed auction final completion of the deal. We would have no hesitation in using Hollis Morgan again and in recommending the company to others. Kind regards S, L & C
28 November 2016
Get A Property Survey
You should always have a survey done, especially if you’re buying a ‘doer-upper’ at auction, as the seller may be trying to offload a property with serious structural issues.
You may also want to get an independent valuation of the property to make sure you dont pay over the odds, especially if it will require a lot of renovation work.
Check out our guide to house surveys to understand which type to get and how much it could cost.
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You Achieved A Really Good Price Through Your Professional Assessment Of The Market
Hi Olly Very many thanks for all your help in selling my aunt’s house. In view of her extended family it was important to demonstrate that this was a full arm’s length transaction. Selling by auction was the most effective way of doing this and you achieved a really good price through your professional assessment of the market and helpful guidance on setting the reserve price. Kind regards, Bill
29 April 2016
Almost Effortless On Our Part To Do With The Sale
Dear Olly We wish to thank you most sincerely for your attention at all times in selling our property in Clevedon, Somerset. It made it almost effortless on our part to do with the sale. Being in business ourselves we realise the importance of your professional and friendly service and wouldnt hesitate to recommend or use yourselves again. Thank you you again Paula and John Morse, Clevedon
18 September 2014
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We Were Always Kept In The Loop And Given Great Advice That Produced The Required Result
Olly and his team made the process of selling our property a pleasure in spite of the challenge of a flat market. We were always kept in the loop and given great advice that produced the required result. We would have no hesitation recommending the team to anyone considering selling at auction. Thank you Mike Baxter – BS4
19 July 2018
What Bidders Need To Know
Before bidding at a real estate auction, you should understand the risk you are taking. A bad purchase could haunt you for years. You also need to understand the auctions rules and be prepared to follow them before trying to participate.
You will have to register and submit a refundable deposit of 5% to 10% of the propertys expected selling price to the entity holding the auction. If the auction is in person, be sure to check in at least an hour before the scheduled start and obtain an official card, which you will raise when you are ready to bid.
Winning a property at auction can work in two different ways.
- In a lender confirmation auction, the lender does not have to accept your offer, even if you are the highest bidder.
- In an absolute auction, the winning bid gets the property.
The starting price of the auction may be the balance owed on the mortgage or a lower amount designed to spur bidding. In a foreclosure auction, the lender is not allowed to profit from the auction. Often, these properties are sold at a loss if there is a profit, it is supposed to go to the foreclosed homeowner after the mortgage and any other liens are paid. Auction properties are not always great dealsfor example, the auctioneer could set a hidden reserve price on a property, which is the minimum that must be bid.
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How Do Property Auctions Work
Thousands of properties are sold each year at auction. While they can be a popular way for investors and buyers looking for properties to do up and sell, they also attract mainstream buyers and sellers.
Property auctions can be planned months in advance, with auction houses publicly releasing a catalogue of properties, known as lots, to potential bidders ahead of the auction date.
Most auction houses publish their catalogues around a month before the auction, but some leave it until as little as two weeks before.
Each property will be listed with a guide price, which is what the auction house or seller thinks it could be worth. This is different from the reserve price, which is the minimum price the seller will actually accept – this is usually kept confidential.
Guide and reserve prices can change up to, and on the day of, an auction.
While auctions can be exciting, they’re not for the faint-hearted, and it’s possible to get caught up in the moment and bid more than you intended. If you’re worried about this, you could consider asking someone else to go along and bid for you.