The Auction Property Agency - Auction Attendance Services
This is our main feature of The Auction Property Agency. People who can't attend themselves, too tied up in their own busy lifestyles, away on holiday or just simply too afraid to stand in a room with jam packed, wall-to-wall property tycoons.
We will certainly oblige and here's what we offer:
Purchase legal pack/s on your behalf and post them to your solicitor well before auction day.
Attend the auction and bid on your behalf.
Complete the memorandum of sale and exchange contracts.
Pay your 10% deposit for you (payable to us in advance).
Forward all legal documentation to yourself or your solicitor's the following day by recorded delivery.
We will open an account for you
Funds can, if required, be transferred into our account beforehand. These funds will be used for the purchase of legal packs, your 10% deposit or £2,000 minimum (whichever is the greater), plus the auctioneer's 'Contract Documention Fee' which is currently £150.00 plus VAT (£176.25).
We will send you a weekly or monthly statement showing the expenditure in your account with us along with a statement of all the transactions we carry out. When we have carried out all business matters on your behalf, we can either forward you a remaining balance cheque or send it to you via bank tansfer. Our attendance fees will also be deducted from your balance.
Alternative payment methods for securing your deposit on auction day would be to forward me a banker's draft or solicitor's client account cheque at least 7 days before auction.
Never knowing the final bid price of a property, it is advisable to make this amount slightly larger than the anticipated amount. For instance, if the property I bid on sold for £80,000 - you would need 10% = £8,000 plus £176.25 contract documentation fee which totals £8,176.25.
The £8,000 would be deducted from the purchase price and the balance then due to the auctioneer's within 28 days.
As there are no guarantees on the final price of a property, sending me a cheque which doesn't quite reach the required deposit, will result in you losing the sale because of a fund shortage. It's always advisable to send a little over and above what we think the property will go for.
The fastest and most convenient method is by bank transfer. I then can pay the deposit and fee/s by business cheque.
Please Note I will also require a letter of authorization from you, stating your name and address, phone number/s and the name and address of your solicitor. This is now standard practice.
Our fees for this service:
To attend the auction and carry out the above irrespective of securing the sale £175.00 plus £350.00 commission or (0.5% whichever is the greater) should we secure the sale.
Should you wish us to attend the auction and actually want a specific property. One that I bid on with an open-ended ceiling price. The fee would be a set £425.00 irrespective of the final bid price and includes our auction attendance fee.
All fees are payable in advance by bank transfer or by cheque at least 7 days before auction day.
