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Seller’s Guide

Alotsold Auctioneers Sellers Guide

If you instruct the team at alotsold and place your trust in them you will find that you will be met with potential buyers from all walks of life from cash purchasers, buy to let investors, first time buyers looking for the perfect family home, or builders looking for a project. Commercial property owners will find businesses looking for start-up premises or expanding geographically or moving to larger premises. With any of the above potential buyers, using the alotsold auction team you will be one step closer in achieving a sale.

The benefits of selling your property through the alotsold auction team include:

  • 0% Sale Fee and Marketing Costs

The Seller pays nothing to enter the Property (other than the legal pack) into the auction and nothing to pay whether the Property is sold or not.

  • Seller agrees with the alotsold team an Undisclosed Reserve Price

The Seller is in complete control, given that the Seller sets a reserve price and the property cannot be sold below this price unless the Seller provides the option to allow the auctioneer to have discretion, that should the highest bid be slightly less than the reserve price, you will allow the Property to be sold.

  • Heightened Interest and Viewings

The Property will be marketed on our website and with the network of agent’s websites, and property platforms which will naturally drive traffic and heightened interest in your lot with the bidding facility accessible 24/7 and 365 days a week, resulting in more bids and thus maximising the sale price of the Property.

  • Comprehensive Marketing

We offer extensive coverage of your Property through our network of agent’s websites, over the internet and distribution of our auction catalogue. The marketing will attract local, national and international buyers and investors.

  • Maximising your Property Value

By creating a heightened interest in the Property and fuelling a competitive bidding war the value of your property will only go one way, naturally driving up the selling price and achieving the best possible price for you through the auction process.

  • Fixed and achievable dates for completion

On the fall of the gavel or acceptance of an offer pre-auction, the time scales are set and fixed to ensure that the transaction runs as smooth as possible and giving you peace of mind and avoiding any last minute surprises.

  • Security from a non-refundable Reservation Fee or deposit (subject to method of auction adopted)

The Buyer pays a non-refundable reservation fee or deposit which secures the Property and if the Buyer withdraws from the sale they will forfeit the reservation fee and the deposit.

  • Avoid re-negotiation on prices

The auction process avoids the situation when Buyers want to renegotiate the agreed price following the survey results which identifies the property requiring remedial work, whether this is cosmetic or structural work or alternatively pulling out all together, leaving the Seller with an exhaustive re-marketing campaign and further viewings, thus loosing valuable time and resources.

The team at alotsold offer two options, the traditional and modern methods of selling your property at auction.

Option 1 – Traditional Auction Method

Auction Room

The traditional method of auction requires the Buyer on the fall of the gavel to pay a 10% deposit (subject to a minimum of £4,000) and a 2% Buyers premium or alternatively an entry fee is paid by the Seller and no premium is payable.

Option 2 – Modern Auction Method

The Buyer pays a 3.0% subject to a minimum of £5,000 plus VAT non-refundable deposit with the alotsold team and the Buyer agrees to exchange contracts within 28 days, with a further 28 days allowed for completion to take place, providing ample breathing space to get the right financial package in place.

On-Line Property Auction

The team at alotsold offer an-online auction whereby bids can be placed remotely which will run for a short period of time and end on a specified day for each property to ensure that only interested and serious Buyers interact with the website. The lot will be subject to our three minute rule, whereby bidding will not end until the highest price is achieved.

At the expiry of the time and on the fall of the on-line gavel, by law the on-line bidder has won the lot. The successful bidder will need to provide their Solicitors or Licenced Conveyancers details and will need to make the buyers payment of 10% of the purchase price (deposit) and in addition the buyer’s reservation fee of 3.0% subject to a minimum of £5,000 plus VAT or premium (2% of the purchase price, subject to a minimum of £5,000 plus VAT), dependant on the choice of sale elected by the Seller and is payable within 24 hours of the auction finishing.

Pre-Auction Offers

The team at alotsold will strategically market your property and this will not only heighten activity and interest but will lead to offers being received before the auction starts.

Legal Packs

In order for the alotsold team to market and sell your Property through our auction process you will need a Legal Pack for your property also known in the industry as an Auction Pack. The Legal Pack contains important information about the Property that a potential bidder will need when deciding to bid for the Property. A typical Legal Pack contains the following:

  • Title Register & Title Plan or Epitome of Title and copies of any Leases and documents referred to therein;
  • Local Authority or Personal Search;
  • Water and Drainage Search (Con 29 DW);
  • Property Information Form;
  • Leasehold Information Form (if applicable);
  • Fixture & Fitting and Contents Form;
  • Reservation Form and Contract;
  • General Terms and Conditions;
  • Special Conditions of Sale.

If you instruct us to sell your Property through our auction process we can also prepare the Legal Packs for you. At the same time you will also need details of your Solicitor or Licenced Conveyancer and will require an EPC for your Property.

Guide Prices

We will need a valuation of the Property before we can set a guide price for the Property and you will need to approve this along with setting a Reserve Price before we can commence marketing your Property.

Proof of Identity

In order to sell your Property through our auction process we will require two forms of identity, including photo ID such as a certified copy of your passport or driving licence (by a Solicitor, Independent Financial Adviser or Accountant) and proof of your address such as a utility bill or bank statement (dated within the last three months).

Instruct Us

If you have any questions the alotsold team will be more than happy to hear from you or if wish to instruct us to sell your Property, please contact our auction team on 0330 088 2013 and we can arrange for the necessary team to take your instructions and advise you accordingly of the necessary steps.