Property auctions are equally popular with sellers and buyers. They have become a common medium of selling or acquiring property in UK. Commercial property auctions have become a central attraction because they offer a number of advantages to all the parties involved in buying and selling property.
The process is easier and simpler, but the buyer has to complete the formalities in 28 days apart from the day of auction. The formality at commercial property auctions includes paying ten per cent of the amount when the purchase is done. The process of auction is less complicated and involves certain steps such as knowing the auction dates, catalogues, legal documents and tools to track properties.
The commercial property auctions include wide ranging properties like banks, LPA receivers, administrators, trusts, local authorities, executors, public & private property companies. The auction process requires some basic information about your property. Once this information is received, it is listed for the auction process and a reserve price is set.
In case your property is not suitable for selling through the auction process, alternative routes are suggested to sell the property. Inspection of the property is carried by surveyors and details are sent to the owner of the property as well as the solicitors. A guide price is suggested to you by the auction agency which you can approve and proceed. A realistic price generates competitive bidding and increases the chances of getting the best prices at the auction hall.
Properties at auction start getting marketed way ahead of the actual auction date through various print and electronic media. This time could be 3-4 weeks before the auction. Online catalogues are available for prospective buyers to download and email alerts are sent to targeted parties. Apart from it, you can visit the auction company website for more information. They have experts and professionals who provide online help to potential parties to any property trading. You should keep changing the guide price for properties as these continue to change.
It is strongly recommended that you visit and inspect the property thoroughly along with experts before deciding to participate in the bidding process. auction houses also offer proxy bidding which requires filling up remote bidding registration form on the company website. When the day finally arrives, carry your cheque book, two IDs and details of your solicitor when going to bid. Remember – when in doubt, do not bid.