At the end of the auction, contracts are exchanged immediately and a 5% deposit is paid. This is not refundable unless the vendor fails to complete. The buyer is legally bound to complete in 28 days. This more traditional form of auction is known as unconditional.
Senate’s latest partnership, a fresh approach to property auctions, means that buyer and seller both benefit from the arrangements.
Senate’s significant growth and expanding portfolio have seen this Solihull estate agent and property services company venture into the world of conditional auctions, in partnership with award-winning and longstanding major property auctioneer, SDL.
With a free property valuation and 0% commission, a set minimum reserve price and fixed exchange and completion dates, sellers have very good reasons to switch to auctions.
Buyers, as well as sellers, can use Property Search for any specific property or just to gain a feel for what’s on the market and the prices that have recently been achieved. It’s reassuring to have those sources of reference.
The move to conditional auctions means that the risk is greatly reduced. Conditional auctions allow the buyer more flexibility, whilst still offering assurances to sellers. Greater flexibility naturally widens the market, attracting buyers who no longer have to be concerned about being gazumped and who recognise that the seller’s commitment is also assured. This is because the seller must agree to stop marketing the property and must not consider any further offers. A non-refundable reservation fee is paid and the buyer has 56 days in which to arrange a mortgage, exchange and complete.
With Senate’s local knowledge and considerable experience, the team is in a position to help both buyers and sellers to mitigate any risk. Each property information pack comes with an explanation of any fees, meaning all parties are fully informed, from the notion to buy, or sell, right through to completion.
Major property websites like Rightmove provide an auction filter, facilitating searches and speeding up the process. SDL’s auctions offer timed or buy it now access through live streaming, with a prior option to register to bid. Online auctions mean no travelling and waiting times are reduced. Buyers can place their bids from any device and any geographical location and they can see other bids.
Buying or selling property at auction may well prove to be the solution for you. It may prove to be faster, with fixed terms which are set at the start, including dates for exchange and completion. Knowing where you stand throughout the timescale is a huge advantage and one which buyers also recognise and appreciate.
If you are interested in finding out more about the auction process through Senate and the company’s partnership with SDL, then please write to us, or call or email. We’re open 9 – 5 Monday to Friday and on Saturday 9 – 12. for an informal chat. Now may be the time to take a different look at buying or selling property.
A new approach, yes – and in the same safe pair of hands so many have already found with Senate.
We are always happy to help, whatever your property needs. We are committed to the local property market and have always been independent, allowing us to provide bespoke advice suited to your individual circumstances.