AUCTIONS ARE NOT JUST FOR CASH BUYERS! Our modern method of auction allows for extended completion dates to make applying for a mortgage possible, as proven by ...
AUCTIONS ARE NOT JUST FOR CASH BUYERS! Our modern method of auction allows for extended completion dates to make applying for a mortgage possible, as proven by our first time buyers on this home. The vendor benefitted from a secure method of sale with reduced selling times, and the buyers made savings.
You may be thinking - aren’t auctions just for rundown, unmortgageable and disrepair properties? No! When you think about auction, you think Southebys, Christies, priceless pieces of art, ancient pieces of history, fine jewellery or even exotic cars. So why doesn’t this apply to properties too? Did you know the most expensive property sold at auction was actually a home in California that sold for $126,000,000 in 2022? For us, auctions are about the speed and security when selling and buying your home, not their condition.
Sellers - auctions won’t always work for your situations, however if you have a property where you aren’t looking to tie in an onward purchase or you have an additional vacant property, this option offers you a secure, faster method of sale. Additionally, the only cost inherited by you is for the auction pack to be completed. The modern method of auction grants exchange and completion within 56 days from receipt of draft contracts. This extended timescale allows more interest as it enables mortgage buyers to participate too.
Buyers - when purchasing an auction property you gain the added benefit of the auction pack. This includes vital information such as the title, local searches and property deeds. This allows you to enter the bidding stage with as much information as possible, and opportunity to organise a survey if you wish. When bidding one is expected to pay the reservation/auctioneer’s fee on the day of the auction, if successful. This secures the property and is typical in most other types of auctions. This additional cost can be taken into account though when deciding the final amount you will want to bid.
Here at Bond Oxborough Phillips Torrington, we have achieved many successful sales and purchases with our modern method of auction. If you think this option can work for you or you would like additional information, give us a call on 01805 624426 or email us at Torrington@bopproperty.com
AUCTIONS ARE NOT JUST FOR CASH BUYERS! Our modern method of auction allows for extended completion dates to make applying for a mortgage possible, as proven by our first time buyers on this home. The vendor benefitted from a secure method of sale with reduced selling times, and the buyers made savings.
You may be thinking - aren’t auctions just for rundown, unmortgageable and disrepair properties? No! When you think about auction, you think Southebys, Christies, priceless pieces of art, ancient pieces of history, fine jewellery or even exotic cars. So why doesn’t this apply to properties too? Did you know the most expensive property sold at auction was actually a home in California that sold for $126,000,000 in 2022? For us, auctions are about the speed and security when selling and buying your home, not their condition.
Sellers - auctions won’t always work for your situations, however if you have a property where you aren’t looking to tie in an onward purchase or you have an additional vacant property, this option offers you a secure, faster method of sale. Additionally, the only cost inherited by you is for the auction pack to be completed. The modern method of auction grants exchange and completion within 56 days from receipt of draft contracts. This extended timescale allows more interest as it enables mortgage buyers to participate too.
Buyers - when purchasing an auction property you gain the added benefit of the auction pack. This includes vital information such as the title, local searches and property deeds. This allows you to enter the bidding stage with as much information as possible, and opportunity to organise a survey if you wish. When bidding one is expected to pay the reservation/auctioneer’s fee on the day of the auction, if successful. This secures the property and is typical in most other types of auctions. This additional cost can be taken into account though when deciding the final amount you will want to bid.
Here at Bond Oxborough Phillips Torrington, we have achieved many successful sales and purchases with our modern method of auction. If you think this option can work for you or you would like additional information, give us a call on 01805 624426 or email us at Torrington@bopproperty.com
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