A unconditional online auction
where exchange of contracts happens immediately at the end of a specified time period (the agreed reserve price must be met or exceeded) securing the sale. This is very similar to our live auction room, but is online.
A conditional online auction –
where the successful buyer pays a reservation fee and has 28 days to exchange contracts from the end of the specified time period.
There are many advantages to selling at auction, it’s quick – the whole process takes around six to eight weeks, there’s no chain and when the time run out your property is sold.
Our auction rooms regularly attract investors, developers and property dealers interested in buying, widening your potential selling market. An auction could be the best method of sale for your property.
The sale of property by traditional auction is a proven method of achieving the best price. More importantly, a sale by online auction is secure and cannot fall through; once the time ends the property is sold,
One of the most common misconceptions with an auction sale is that maybe you’re not going to get the best possible price.
If you offer a property for sale to motivated, competitive buyers you will certainly sell it for all that it’s worth.
An online auction sale is fast and secure
Normal people think an auction sale as being the last resort but it shouldn’t be, it ought to be the first method of sale.
On the end of online auction buyer has certainly bought the property; there is no opportunity for them to renegotiate or change their mind and it offers the security and comfort that the matter will be sorted and securely.
The whole sales process takes around six to eight weeks and includes four weeks of intensive advertising on the Meridian Auctions and Zoopla websites, displays in the windows offices, regular adverts in the local press and inclusion in the high quality distributed to active buyers.
1. Choose your method of sale
Online auction or conditional online auction.
2. Agree a reserve price
This is the least amount for which you are willing to sell your property.
3. Set the length of the auction
This can be up to 60 days from the date of going online. The longer the auction period the greater the chance of getting the maximum amount for the property, however a shorter period can be set if the property needs to be sold urgently.
4. Produce a legal documents pack
A legal pack must be uploaded before the start of the auction. We can recommend our legal partners or you can instruct your own solicitors.
5. Watch the bids come in
Bids are placed in minimum increments according the value of the property. Any bids placed in the final stages of the auction will extend the timer by 15 minutes to allow everyone a fair chance to bid.
6. When the auction timer reaches the end, The property is
Exchanged (for traditional online auctions)
If the reserve is met or exceeded when the auction timer ends, the successful bidder is charged a holding deposit and exchange takes place. At this point, you will be legally obliged to sell the property for the full purchase price.
Reservation period begins (for online conditional auctions)
If the reserve is met or exceeded when the auction timer ends, an exclusivity period begins in relation to that property requiring them to exchange contracts on or before 28 days from the end of the auction. The buyer is automatically charged a reservation fee.
The Seller or his agent having placed his selected property/properties in the on-line auction agrees to continue to allow the property/properties to remain in the online auction for the duration of the whole auction.
If the seller or his agent withdraws his property/properties from the online auction prior to the end of the duration of the online auction he will be liable to pay immediately to the auction house (Meridian Auctions) the sum of 4% Fee of the sales fee without course to a refund of the same.
The seller and or his agent agree to be legally bound by this clause and are deemed to have understand this clause having to give consent to it and the seller is therefore strongly advised to seek independent legal advice in connection with the same. If the seller does not seek legal advice he will be deemed to have waived his right to legal advice and will be legally bound by the clause. ”