5 Top Tips for Selling your Property at Auction
October 3, 2016 10:28 am - Categorised in: Commercial Property, Commerical Services
1. Let us know well in advance
There is a lot to do in preparing the Legal Pack for auction. Searches need to be obtained. Replies to Enquiries completed. Warranties and Certificates provided. A complete and well prepared Legal Pack produced in good time will give you the best chance of finding a Buyer and achieving the best price possible.
2. Deal with the problems
There is a temptation to try and bury problems affecting the property in an auction sale but experienced buyers and investors know to look out for these. Instead, you may be able to take out an insurance policy to deal with issues such as missing guarantees or Buildings Regulations. The reassurance of an indemnity policy may help you achieve a sale price which more than covers the cost of the policy.
3. Explain the reason for the sale
This will help allay fears in the auction room that there could be something wrong with the property. eg, advising buyers the property is a probate sale with beneficiaries eager for their inheritance or that you are selling to realise assets for a new venture is a good idea.
4. Consider the fees and the timescales
If your property is in demand you may require the buyer to pay your legal fees. If you are selling commercial property, will 28 days be sufficient for you to give vacant possession on completion or will you need longer? If you allow time, you can tailor make the terms to fit your circumstances.
5. Which auction?
A local auction house is often best. However if your property is unusual or perhaps has restrictions on the permitted use you may need to reach a wider audience. We are happy to share our experience with you.
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