If your property and your circumstances are appropriate we may well recommend a sale by public auction – this method for the right property can be an ideal and competitive method of marketing, with completion often within a 3 month timescale.
Firstly we will prepare the marketing brochure and we will find a suitable auction venue which maybe a village pub, hall or public building.
We will discuss with you the valuation and agree prior to advertising a price guide to be presented to the public.
Throughout the process we will contact your property lawyer (if you do not have one we can make recommendations) and in turn they will prepare a contract for sale, obtain local searches and make ready for exchange of contracts on the day of the auction.
A date will be set for the auction normally 4 or 5 weeks from the commencement of marketing, with the venue booked and the property available to be viewed on set days or by prior arrangement.
Immediately prior to the commencement of the auction proceedings the Auctioneer will agree with the Vendors a reserve figure, below which no sale will be agreed.
If a successful sale is achieved in the auction room the purchaser will pay your property lawyer a 10% deposit and sign a legally binding contract to pay the balance of the purchase monies 30 days from that day.
Sometimes, especially with residential building land, a sale by formal tender may be considered to be the very best way to achieve the very best price.
The method is similar to that of a sale by Public Auction, with details prepared and a tender date being set.
The lawyer will prepare a formal tender document at the outset of marketing which will provide ample information for prospective purchasers and their advisors to be able to sign it prior to the tender date and for it the become a legally binding contract to purchase if accepted by the Vendor.
A price guide is disclosed at the outset but the final reserve price is only decided when all the bids have been read and considered by the vender and the agent.
Selling by Public Auction or by formal Tender must have the right circumstances to be a really successful method of sale and it is something we will be delighted to advise on where appropriate.
As well as a formal tender we often have an informal tender – Selling your property by informal tender involves buyers being invited to submit in a sealed envelope their best offer, along with supporting information regarding their financial situation, buying position and other relevant information, by a specified closing date. All offers remain strictly confidential and immediately following the specified closing date, they are opened and qualified. Once this important task is completed all the offers and supporting information will be submitted to our client for their consideration. Alternatively, we are happy to arrange for all sealed bids to be opened in the presence of our client. Again this is something we will be delighted to advise on where appropriate.
If you need help on any of these areas, or indeed any others related to property development, please do not hesitate to contact us.