Received Excellent Pre Auction Care And Advice
Received excellent pre auction care and advice for selling of a terraced property we owned in Leeds. It had been left in a poor condition over the pandemic by the tenants that we decided to sell it “as seen”. The auction realised a much larger value than we expected so we are very happy with a prompt sale.
Properties For Sale Across London
Auction House London is the largest branch of the Auction House network, set up in 2011. It has grown year on year in its short history to become one of the top residential property auctioneers in the capital. We adopt a modern and dynamic approach to offering high quality auction facilities to both corporate and independent sellers and buyers. We firmly believe in the importance of extensive online marketing campaigns in addition to traditional offline methods. We have a proven track record in selling residential, commercial, investments and land – the team offers a fresh and energetic approach to auctions, providing a quality service that achieves the right results for all parties. We cover all London boroughs, including the popular areas of Camden, Walthamstow, Chelsea, Hackney, Islington, Croydon, Maida Vale, Lewisham, Shepherds Bush, Tottenham and Battersea. Call anytime and we will be delighted to assist.
We Would Most Definitely Recommend
Chris, Stephen, and all their team provided a fantastic service during the recent sale of our property. As we were under a stressful situation at the time, they made us feel confident and kept us up to date on all aspects of the sale from start to finish, in a most professional way.We would most definitely recommend THE AUCTION HOUSE WEST YORKSHIRE.
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Shop Around For Buildings Insurance
As soon as you exchange contracts, youre legally bound to buy the property, so its important to organise buildings insurance that will be valid from the day you exchange.
Mortgage lenders will require you to have buildings insurance in place as a condition of lending.
- Find out more:how to find the best home insurance
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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Delighted With The Service Provide
Delighted with the service provided by James & the team at Auction House. When we needed advice deciding how best to sell the house James was very helpful and once we decided to proceed the system was handled perfectly with good marketing to drive up the interest from bidders. The day of the auction was also well handled with exceptional interest leading to a positive outcome for us as the sellers & the buyer. We would recommend Auction house as the ideal way to sell a house quickly and efficiently.
Can I Make An Offer Before The Auction
If you’ve found your ideal property and done the appropriate research, it’s not always necessary to wait until the auction to make an offer. However, early bidding can be a gamble because, if your offer is rejected, you’ll have already shown your hand to the auctioneer.
You’ll need to work extra fast if you do manage to agree a deal before the auction, as contracts must be exchanged before then.
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Extremely Impressed By The Friendly Personal Yet Professional Response
I have been most impressed at every stage whilst going through the difficult process of selling my step-mum’s bungalow. I have been kept informed at each stage. Whenever I have telephoned with an enquiry I have been able to speak to someone quickly , or have had a very early phone call back. I have been extremely impressed by the friendly, personal, yet professional response I have received at every stage. To receive an immediate telephone call from Ian with the result of the auction, when there were about 50 lots, was most gratifying. Ian and Amanda have gone that extra mile.
Properties For Sale Across West Yorkshire
Auction House West Yorkshire is the leading auctioneer in the region, the largest and most successful in the Leeds, Bradford and Wakefield area. We have been auctioneers since 2009 and hold seven multi-lot live streamed auctions each year as well as online auctions every week. We work closely with major estate agents Manning Stainton and Ryder & Dutton together they help us provide the best service possible throughout Leeds, Wakefield, Pontefract, Harrogate, Bradford, Castleford, Keighley, Halifax and Huddersfield. Our service is second to none, we are the local experts with auctions of circa 50 lots, mainly residential but we also sell land and commercial properties and a significant number of tenanted investments for landlord clients too. Ring, email or message us and we will be delighted to assist.
Now taking entries for the October Auction
74% Success Rate for 31st August Auction
“Auction House West Yorkshire was extremely professional and their conduct at the auction was excellent”
“The team were accomodating and supportive from the very beginning. I can’t recommend AHWY and their associated solicitors enough”
Our Next Live Steam Auction will be held on the 19th of October 2022 Commencing at 12.00
No Sale No Fee options available
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Received Excellent Pre Auction Care
Received excellent pre auction care and advice for selling of a terraced property we owned in Leeds. It had been left in a poor condition over the pandemic by the tenants that we decided to sell it “as seen”. The auction realised a much larger value than we expected so we are very happy with a prompt sale
Payment Options: Plan Ahead
Buying a property at auction usually requires a lot of cash. Each auction company and county government has its own requirements for payment, but you will probably need cash just to secure your right to bid. Down payment amounts and methods of purchasing often depend on the property and the auction house. More flexible financing options may be available by purchasing a bank-owned property the traditional way.
As for payment, bidders at an auction should bring cash, a money order, or a cashiers check for the sum required by the auction holder. Typically, you will have to pay for the property in full immediately after winning the auction. Occasionally, you may have until the next day to complete payment. Failure to complete the payment may result in forfeiting your deposit and being banned from future auctions. Be prepared to provide proof of funds to show you can complete the purchase. If you are bidding as an entity, such as an LLC, a trust, or a limited partnership instead of as an individual, you may need to show your entity documents.
Also, be sure that you understand the auction fees you will be expected to cover. Homes purchased at auctions many times have costs and fees from auctioneers, banks, attorneys, and other companies required to bring the property to the auction, says Humes. It is not uncommon to find 10% auction fees, bank interest and penalties, attorney fees, 12% sale carrying fees, and property preparation fees that are passed on to the buyer.
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Multiple Listing Service Data
Direct multiple listing service reports are far more valuable to potential buyers than online listings, according to White, because they contain the full data for the listing, including photos and, most important, nonpublic broker comments. Non-public comments are important because they specify critical information impacting sale price and days-on-market, says White. This information can cover property defects, financing options, occupancy, and tenant leases.
The best way to assess an auction property is to work with real estate agents, appraisers, and contractors. These industry representatives understand construction and remodeling costs and can accurately estimate the propertys value and the cost of the work it may need.
While rules vary by location, MLS and county records are often only available to real estate licensees, according to White. In his experience, they are usually happy to help free of charge if you contact them.
White also notes that in-person auctions have been disappearing because even smaller counties have been moving them online. Miami and Palm Beach are two locations where both tax and foreclosure auctions are now fully online.
Keep in mind that foreclosure auctions are often postponed or canceled, even at the last minute. The lender might not have obtained all the paperwork it needs, or the borrower may have worked out a solution to avoid foreclosure.
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.
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Property Condition And Inspections
A house could have all kinds of problemsremember, it used to belong to someone who couldnt afford the mortgage or the property taxes, so the owner probably could not afford any routine maintenance or repairs, either. Furthermore, once the loss of the home appeared inevitable, the owner may have intentionally neglected it or even seriously damaged it. Also, a vacant property may have been vandalized or occupied by squatters.
Assume that if the property looks terrible from the outside, it probably looks terrible on the inside. Auction properties are sold as is, and you will need to be able to afford any and all repairs. Tempting though it may be, you should not trespass to get a better idea of the propertys condition. You may have seen flippers on TV entering backyards, peering in or even climbing through windows, but doing so is illegal, and you definitely dont want to disturb anyone occupying the home, not only out of courtesy but also for your safety. Seek information about the propertys ownership history from local government records, talk to local real estate agents, and respectfully request information from neighbors.
Even if you can get a home inspection, that still has its limits. Problems behind walls, in ceilings, and under floors might not be apparent until you take possession. If the utilities are turned off, you may not be able to detect leaks, electrical problems, broken appliances, or malfunctioning HVAC equipment.
Check For Any Claims Liens And Occupants
Before you bid, youll want to hire a title search company to see who might hold liens against the property. As the owner, you will become responsible for any liens, which means more money out of your pocket.
There may be other claims against the homenot just tax liens but also contractor liens or a second mortgage. Bidders should check with the auction company to ensure that the property has a clear title. If you do win an auction, youll want to buy title insurance during escrow or immediately after closing to protect yourself against any liens not uncovered during the title search.
In some cases, the owner or a squatter will be occupying the property, and you will have to evict theman often-lengthy process that can be unpleasant at best and expensive at worst. It could be more advantageous simply to offer them several thousand dollars upfront to move out and hand over the keys.
Refrain from doing anything until you hold the title. Avoid the urge to start renovations or move into the property immediately after getting your certificate of sale. You will still need to wait up to 10 days or so to receive your certificate of title. The property is not actually yours until you hold that certificate the owner could still retain his or her right to the home by filing an objection to the sale with the court or by paying off the loan.
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A Step By Step Guide To How It Works
Buying your property through auction has never been easier or quicker thanks to the Modern Method of Auction.
Traditionally a market limited to cash ready investors, the Modern Method has evolved auctions to be inclusive to a wider variety of buyers and sellers. Namely, it offers fixed yet realistic timescales to accommodate the typical residential buyer looking to arrange a mortgage. With the Modern Method, the successful buyer can reserve their property until exchange of contracts. This allows buyers and sellers alike the time to arrange their finances and carry out due diligence.
How To Sell With Savills Auctions
We recognise there’s much more to selling a property than recommending an asking price. As one of the UK’s leading auction houses, with more than 20 years auction experience, and building on the expertise of the Savills network, we’ll make sure your property gets in front of the right people.
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How To Bid At A Property Auction
Depending on the auction, you dont always have to be in the room in person. There can be several ways to bid, including online, by phone or by proxy.
If youre bidding by proxy, youll need to set your maximum bid in advance, and youll usually have to provide 10% of your maximum bid as a deposit before the auction, in case youre the successful bidder.
Its worth checking on the day of the auction that the property you want to bid on is still available, as sometimes a property may have been withdrawn or sold before the auction.
Decide On Your Price Limit
Find out what other, similar properties in the same area have recently sold for, so you can make an informed decision on how much you’re willing to pay.
Being outbid could mean you lose any money you spent on a survey and a solicitor, but its a small loss compared to paying thousands of pounds more than a property is really worth.
- Get advice on deciding how much to bid in our guide to how much a property is worth.
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An Absolute Joy To Deal With
I would like to thank your company for the professional and excellent service we received during the first of many purchases through Auction House. In particular we were very impressed with the services we received from Amanda. She was an absolute joy to deal with and she fulfilled everything we asked of her. We wouldn’t look anywhere else to purchase our future properties and hope that we can continue what we feel is a fantastic relationship.
Research Properties Before You Bid
We are not responsible for the condition or quality of the properties being offered for sale. We recommend that you research each property.
It is important to determine whether there are other restrictions, charges or conditions that may affect a propertys value or sustainability.
Please do not trespass onto the properties being offered for sale. It would be an infringment on the owner’s right.
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The Team Were Accomodating And Supportive From The Very Beginning
I threw AHWY a fast ball which they dealt with smoothly and professionally, resulting in the desired outcome. The team were accomodating and supportive from the very beginning, despite having just 2 weeks from enquiry to sale at auction. Chris, Stephen, James and Hafsa all did amazing work to get the property sold, as did the recommended solicitor’s at Gordon’s LLP. I was particularly impressed with their collective knowledge and extensive expertise which led to a realistic valuation and successful, short-notice sale. I can’t reccommend AHWY and their associated solictors enough.
Find The Right Auctioneer
The first decision you’ll need to make is whether to use a local or national auction house.
If your property is likely to appeal to buy-to-let investors, it’s worth considering a London-based auction house even if the property isn’t in the capital, as this will offer exposure to a wider range of investors.
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Check The Property Auction Fees
Auction houses usually charge an entry fee, which can range from a few hundred to a few thousand pounds, to cover costs such as listing your property in the auction catalogue.
Therell also usually be a commission if your property is sold, which will be a percentage of the sale price. Most auction houses charge around 2.5% plus VAT – higher than the average estate agent fee. If you’re selling a particularly low-value lot you may have to pay a flat fee instead.