Logo

Want or need to sell a home quickly? Try Auction House

PUBLISHED: 11:02 30 November 2018

Auction can be cthe solution if you want to sell a property quickly. Pic: www.gettyimages.co.uk

Auction can be cthe solution if you want to sell a property quickly. Pic: www.gettyimages.co.uk

Are you looking to sell a property quickly? Auction House, with four sale rooms in East Anglia, has the answer.

Bryan Baxter, Auction House. Pic: www.edp24.co.ukBryan Baxter, Auction House. Pic: www.edp24.co.uk

The Street, Poringland; for sale for £160,000-£180,00 with Auction House. Pic: www.auctionhouse.co.ukThe Street, Poringland; for sale for £160,000-£180,00 with Auction House. Pic: www.auctionhouse.co.uk

Princes Street, for sale for £150,000-£170,000 with Auction House www.auctionhouse.co.ukPrinces Street, for sale for £150,000-£170,000 with Auction House www.auctionhouse.co.uk

If you are looking to sell a property in the near future, with the uncertainty of Brexit, you will likely be worried and want to sell sooner rather than later. Property on average takes at least six months to sell through estate agents and in the current climate with the political challenges ahead, it may take considerably longer. If you want or need to sell quickly, and your property suits the process, your best course of action will be to put it in an auction with Auction House.

Auction House is the biggest auctioneer in the UK with auction rooms nationwide including four in East Anglia; in Norwich, King’s Lynn, Ipswich and Peterborough.

Gladstone Street, for sale for £150,000-£170,000 with Auction House. Pic: www.auctionhouse.co.ukGladstone Street, for sale for £150,000-£170,000 with Auction House. Pic: www.auctionhouse.co.uk

Selling with Auction House is incredibly simple; you can enter your property into an auction just two weeks before, although a longer lead time gives more opportunity to market your property and achieve a higher price on the day.

“Using an auction removes much of the stress and worry associated with the house selling process. Instead of not knowing when you might sell, you have a definite schedule,” said Bryan Baxter, auctioneer at Auction House. Exchange happens at the fall of the hammer on the day and completion usually occurs no more than 28 days later. When the hammer comes down, this represents exchange of contracts meaning the sale between you and the buyer is legally binding.

After this, the buyer signs the contract and pays a 10% deposit meaning they are legally committed to making the purchase. This nearly always avoids the distressing situation of a sale falling through. Completion, usually just a month later, is when you transfer the title ownership of the property to the buyer after the balance of the purchase money has been paid.

Then there is the price.

When selling in the traditional way, an estate agent will usually suggest a higher asking price and seek offers from buyers at or below, pressing you to lower the asking price to help generate interest. If you choose auction, the auctioneer will suggest a more attractive guide price which generates buyer interest and then use the ‘bid up’ process on the day. This means, although there are no guarantees, you can often sell for more, not less, than by using an estate agent.

You don’t have to worry about your property selling for lower than you want because at auction you set a reserve price. This is a confidential price below which the auctioneer cannot sell the property. If the property fails to reach its reserve, offers will then be invited from all interested bidders to try and agree a sale after the auction at or above your reserve, or at a lower price if you agree.

Auctions are used for selling all kinds of property and certainly not just those with ‘something wrong’ with them, as is often the misconception.

However, if you do have a property which needs renovation or remedial work, you don’t have to spend money on it in order to sell. An auction will always attract builders, developers and landlords looking to increase their portfolios, so you’ve got a ready made group of potential buyers. Also if your property is tenanted, it can be sold at auction as an investment with the tenant staying on.

Auction House East Anglia has auctions throughout the year - with two next week if you would like to experience the auction room, and the next ones in February – so if you sold your property in one of the February sales, you could complete by the second week of March or even earlier.

If you sell through an estate agent, even after accepting an offer, you would have four to 12 long weeks before exchange and then another one-two weeks before completion so the process could still be ongoing into the summer or even beyond.

If you need to sell even more quickly, you can let Auction House East Anglia enter your property into one of its immediate exchange Online auctions. This operates in the same way but you can view the bids made and watch your property sell without even leaving home.

For FAQs, view here. Or, you can contact Auction House on 01603 505100 www.auctionhouse.co.uk

Latest Property Articles

Time is running out for people to have their say on where thousands of new homes could be built in and around Norwich over the next two decades.

Plans have been lodged to create a seven-bed student shared house in Norwich.

Council bosses looking to build houses and, potentially, a swimming pool in Norwich are facing a race to get the site decontaminated or they could have to pay almost £1m back to the government.

A Norfolk group chief executive has criticised ‘ridiculous’ lending criteria after he was forced to pull out of buying a city centre penthouse because he could not get a mortgage.

Reports in the national press over the last few months have highlighted a slow-down in the housing market during these uncertain times of Brexit negotiations. However, demand for new homes in East Anglia remains strong. Edward Parker, from Bennett Homes, discusses.

If you are thinking about selling your home in the New Year, you may want to make sure you have the right paperwork, records and certificates in place in order to make the process smoother. Being prepared for any potential enquiries will help to avoid delays along the way. Sharron Tennant, from Spire solicitors, discusses.

Looming on the horizon are some most unwelcome changes in the way that UK taxpayers will have to report and pay for capital gains tax (CGT) on residential properties in the future. Jon Hook, managing director at Norwich Accountancy Services, discusses.

A team of volunteers is sought to help celebrate the history of Anglia Square, after a community project was awarded a National Lottery grant of more than £50,000.

Since its Christmas – well nearly – and we haven’t had much cheer this year what with Brexit and all, here for your mild amusement is a lettings version of the 12 Days of Christmas, says Mike White from Martin & Co lettings in Norwich.

William H Brown held its last auction of the year yesterday at the Barnham Broom hotel. Managing director and auctioneer, Simon Arnes, reports on the firm’s sale.

The controversial plans to develop Norwich’s Anglia Square have been given the go-ahead and here’s a first look at what new homes in the development could look like.

The humble bungalow was once considered the house type that style forgot. But not any more. And with more people living longer and less bungalows being built, single storey dwellings have never been more popular. Whatever would Granny say?

The developer behind the £271m Anglia Square revamp has likened the scheme to Marmite - conceding that some people will hate it.

The controversial £271m redevelopment of Norwich’s Anglia Square has been approved by city councillors.

It would be an “abomination” if the £271m Anglia Square revamp is given the go-ahead, the Lord Mayor of Norwich has said, as councillors get ready to make a decision on the controversial scheme.

A family that had threatened to stage a protest at a Norfolk housing development over fears they could be homeless at Christmas have finally been promised the keys to their new home.

A decision on whether to grant permission for one of the most contentious and biggest planning applications Norwich has seen for years will be made today.

The controversial revamp of Norwich’s Anglia Square has the potential to create more than 500 new jobs, while people living in the new homes could spend up to £40m a year, council officers have said.

Designer Wayne Hemingway has joined the debate over the £271m plans for Anglia Square, urging city councillors to reject the proposals.

An estate agent who had to pull out of a city centre office said she has enjoyed her ‘best year ever’ at premises in the suburbs - as the debate continues over whether businesses are being driven out of Norwich.

A call for the government to make the final decision if councillors grant permission for the £271m Anglia Square revamp has been backed by civic watchdog the Norwich Society.

A fresh bid has been lodged over the future use of Norwich’s Grade II-listed Crystal House - and to build nine homes behind the back of the historic building.

Norwich is in danger of losing business investment because of a shortage of good quality commercial premises and an increasing number of road closures.

In today’s fast paced and technology driven society, it is essential to market your property in the most effective way, with the widest exposure. Sheron Harley, managing director of the Property Shop, discusses.

Developers behind plans for Norwich’s Anglia Square are hoping to be excused from paying almost £9m, if their proposals get the go-ahead.

Are you looking to sell a property quickly? Auction House, with four sale rooms in East Anglia, has the answer.

Hardwick House, one of the most impressive buildings in Norwich which is currently empty and boarded up, could become a pub as it goes up for rental after its £1.6 million sale falls through.

The controversial £271m proposal to revamp Norwich’s Anglia Square has been recommended for approval.

A controversial move to excuse some developers in Norwich from paying a levy of thousands of pounds is crucial if sites are not to stand derelict, council leaders have insisted.

More than £1m is to be spent to turn a block of offices into seven council homes.

‘Brexit is Brexit and people still want to move’ - that was the message from estate agents working in Norfolk and Suffolk who declare 2018 has been a better year for sales than 2017 despite new gloomy figures showing a 12 per cent fall in transactions.

He spent last winter homeless and on the streets but this Christmas a Norwich man will have a roof over his head after he has been helped by a charity.

Despite house prices rising, the number of properties sold has fallen; down by 12 per cent in Norfolk and 8 per cent in Suffolk compared with the same period last year, new figures reveal.

Important news for future house hunters contained in October’s budget was that the government’s Help to Buy scheme is to be extended – but only until 2023.

If you’re thinking about selling part of your garden land for development, there are several things to consider. Carolyn Bunn, from Spire Solicitors, discusses.

It is one of the most contentious and biggest planning applications Norwich has seen for years - the revamp of Anglia Square - and a decision is just weeks away. How did we get to this point? And what is being planned? Dan Grimmer reports.

A Norfolk couple who are house builders have won a national award at a ceremony likened to the ‘Oscars of the construction industry.’

It is a derelict, fire-hit site that has been sitting empty for a decade in Thorpe St Andrew.

Plans have been submitted to Norwich City Council to create a 10 bedroom house.

From bringing ‘ghost’ ponds back to life, to environmentally switched-on schoolchildren and energy-efficient social housing - projects in Norfolk have been celebrated with awards.

What’s the importance to a firm of feedback? Ben Rivett, of Savills’ Norwich residential team, discusses.

Situated at the end of a no-through road, you would never have reason to find this magnificent house, originally the home of an esteemed Norwich coroner. And yes, it really is on a hill! Property editor Caroline Culot had the joy of visiting Hill House in Bramerton, for sale for £2.5million.

From controversy to accolade - a Norwich housing development is up for an award.

This mid terraced house was bought at auction last year and the owners have completely renovated it, transforming it inside, and have now put it back on the market for sale for a guide price of £595,000.

Meet the Editor

Caroline Culot

Email
Twitter

I am the property editor in charge of delivering some exciting and informative content within Archant’s varied titles. We have 16-17 pages of stories, features and columns in the EDP Property supplement out every Friday free in your EDP so please don’t miss it.