Auction pros/cons: 3 bedroom

[Deleted User]

eddddy said:

[Deleted User] said:

eddddy said:

[Deleted User] said:

Does the estate agent promote the auction if its the traditional type?  Or do I not use an EA in this case?  I don't mind paying a commission but I want the EA to get the word out.  Do they actually sell the place in an auction room like the TV show?  And will people be showing up unannounced at the property?  I ask because I'm only there on weekends normally.  

So, i could just avoid an estate agent in this case? Or would i need one to do any marketing?  I would like the maximum exposer if possible, but also i would rather not rack up any unnecessary fees if possible.  Im assuming the trad. auction the seller has to pay for the costs involved?   Will a cash buyer do surveys and the whole 9 yards? And the conveyance will be with a local solicitor?   You can tell this is my 1st time doing this.  

Is anyone living in the property? Obviously, they'd have to move out before the sale completes.

The place is vacant but still full of parents belongings. Im working on getting it cleared out a bit on the weekends. Worst case I get a clearance firm/charity in to take away the unsold items.  Would you recommend a national auction company (under the hammer) or go with something local to my area?  I cant imagine people from england would drive out to west wales to look at a place just to have a look and see if its what they fancy. I could be wrong.  I just want as much exposure as possible and have it streamlined.  I would assume i need a solicitor once its getting close to the auction? Or wait until its confirmed sold?  I have the deed and paperwork. The property isnt registered as my parents bought it in the 80s and never did the online thing.

eddddy

[Deleted User] said:

 I would assume i need a solicitor once its getting close to the auction? Or wait until its confirmed sold?  I have the deed and paperwork. The property isnt registered as my parents bought it in the 80s and never did the online thing.

No. Your solicitor needs to have a legal pack ready for when you enter the property into the auction. (A solicitor might charge you £400 to £500 for doing that.)

So that needs to be done around 4 weeks (or more) before the auction date.


In fact, thinking more about this, maybe the first step is to talk to a solicitor who is experienced with auctions, to find out what info they recommend you put in the legal pack. (In case it takes you some time to find the info, or the solicitor finds a problem which it's best to resolve before auctioning the property.)

eddddy

The company you mention above are the auctioneers, so they will do the whole process for you.

(But the same company also does 'standard' estate agency business)

Yorkie1

As you will need to have a solicitor draw up the legal pack (according what others have written), and there's a suggestion to contact one now to find out what to put in the pack, it might also be worth asking them whether the sale can go through without the property being registered at the Land Registry - is the lack of registration likely to cause any obstacles to you completing in 28 days? In other words, would you be far better off completing registration before sale? Or is this not an issue?