Q. How do I register - can you explain the easiest way?
A. We need as much information as possible to assist us in helping you efficiently. The quickest way is through our secure server PayPal. You can get your own PayPal account if you haven't already got one. All you need is a valid current e-mail address and your credit/debit card details. It's safe and secure and also a recognised company handling millions of online transactions daily. Find out about PayPal now!
We have made subscribing as easy as possible with alternative methods such as:
Paying by the latter two methods: your subscription will begin on acceptance of your standing order or after cheque clearance (normally 4-5 working days). In the meantime, complete our requirement form and submit to us. This form lets us know the properties you are after.
Q. What happens when I receive your information and I like a certain property. Can you view it for me and send us a report?
A. Certainly! That's what we're about. We will view the property on your behalf anywhere in the UK; send you digital photos (fastest method) by e-mail (35mm can take 3-5 days allowing for development and post - but the choice is yours) on our return - along with our 'Property Appraisal Report'.
The report would detail the property room by room: dimensions, features, garden condition, internal inspection of floors, doors, windows, staircase, plasterwork (ceilings & walls), attic space (rafter & joist condition), damp, external viewing to include: brickwork, mortar deterioration, broken drain covers (bad smells), roof, rainwater system, barge boards, soffits, window sills and sealants.
This report would be e-mailed to you or posted, normally the day after the viewing. This would give you time to read it over, look at the photographs and decide if you wish to proceed with the purchase. We will also make our own enquiries with Estate Agents in the area - taking into consideration any work that the property may need - to work out a reasonable and fair ceiling price (the highest price I will bid to) come auction day.
If you decide you wish to go ahead, on your instruction, I will attend the auction and bid to our agreed ceiling price to hopefully secure the sale. This is an additional extra to our 'Premier Service' and our fee for doing so is £275.00 (payable in advance by Bank Transfer). Our Bank details are displayed on our standing order page.
Q. Is there any guarantee that you will secure the property for me, if you attend the auction on my behalf, and how much will it cost?
A. Unfortuneatly No! There is never a guarantee that we can successfully secure any properties. People do 'purchase blind', some have more money than sense and others just want the property irrespective of price.
However, there are some ways that we can. Telephoning the auctioneer a good few days before the auction with a reasonale offer - can often yield good results. Raising our celing price slightly can often help too. Remember! Auction houses are often places where bargains can be had, savings can often be as much as 40% depending on condition and location.
People do still purchase properties at auction for the same price as local Estate Agents would sell them for. For the buyer, this would be mainly for one reason - capital growth in a sought after or re-generation area.
These are all factors that we would assist and advise you with to ensure our mutual success!
Our fee for this additional service (irrespective of securing the sale) is £150.00 payable by Bank Transfer plus £350.00 or 0.5% commission (whichever is the greater) if we secure the sale.
Q. Can I cancel my subscription at any time and then come back later?
A. Yes! You can stay with us for any length of time you wish. If we have found you a property and you are happy, by all means. You can return to us again after any period of time and just pay the monthly fee of £32.95. To cancel your subscription just visit this page and click where it says 'Cancel Subscription' http://www.theauctionpropertyagency.com/premier_service.html (this is for PayPal subscribers). Alternatively contact your Bank and cancel your standing order.
Q. What's the benefits of subscribing to the Premier Service?
There is no registration fee and no other commissions payable to us unless you choose any of our additional extras (property viewing and auction attendance). Subscribing to auction catalogues can be very costly indeed; £40.00 per year for one auction company. How many catalogues would you need to find your property? We have thousands of properties on our database from over 120 UK auctioneers.
You'll receive: the property/properties description, auction date and time, venue of auction and you'll also have access to over 120 Auctioneers with live links direct to their web site (some with photographs of the actual properties. Also, the opportunity to chat online to like-minded property enthusiasts.
Q. What's the furthest you've travelled to view a property for a client?
A. Buckie - Banffshire (Scotland) - 1000 mile round trip. We will travel anywhere to view a property on your behalf - after all, it's our business. £275.00 to view any property in the UK seems very reasonable if you take into account what you get for your money.
This particular viewing incurred these costs (which were all in the price). Let me also give you a summary of this assignment:
Leave Northamptonshire at 5.00am - Monday morning. Arrive Edinburgh 11.00am. Take a brunch break for an hour. Leave for Buckie at 12.00 noon. Arrive at Buckie 4.00pm. Meet key-holder, carry out property appraisal and visit local Estate Agents 'til 6.00pm. Take a quick tea-time break after gathering more information about the area. Leave Buckie at 7.00pm arrive in Edinburgh at 11.30pm. Stop over night in Edinburgh (B&B). Leave Edinburgh 10.00am Tuesday morning - arrive back in Northampton at 4.00pm. Complete my property report and e-mail off to my client along with digital photographs. Finish work that day at 7.00pm.
To summarise:
This was 36 hours on one assignment for my client. Taking into consideration my petrol and expenses of £150.00, this left a balance of £125.00; divided into 36 hours, is an equivalent of £3.47 per hour. Very cheap indeed!
Ok, not every viewing is in Banffshire, but I do take the good with the bad and all in all, I enjoy it very much.
Q. Don't you think your commissions are rather expensive?
A. Not at all. If we can find you a property that would save you time, effort and a few thousand pounds isn't our £275.00 viewing fee plus £350.00 or 0.5% commission (whichever is the greater), worth it?
Don't forget the above fee includes an unparalleled service:
Viewing the property and sending you our detailed report. Sending you photographs - digital or 35mm. Working out comparable property prices. Advise on any refurbishment costs before you buy. Obtaining Legal Packs and sending them direct to your solicitor. Try and secure the property for you before the auction day (pre-auction offer). Attend the auction and bid on your behalf (an additional £150.00 is required for our expenses). Sign the memorandum of sale. Exchange contracts. Forward all legal documentation to your solicitor the following day by recorded delivery. Legal liaising, telephone calls and administration.
The only two things you need to do once you subscribe to our Premier Service are:
1. Ensure you have the finances arranged to cover your 10% deposit and our fees (should you ask us to view a property or attend the auction on your behalf). 2. Decide if you wish to pursue any property we send you.
We do the rest!
Please note: Once we secure a property for you at auction, it is imperative that insurance is arranged the same day. There are usually insurance agents in attendance on auction day. We can arrange it for you with them or have it arranged yourself A.S.A.P.
There have been cases where properties have been purchased, no insurance taken out, burned down or damaged and no compensation paid. Once the gavel hits the block it is your responsibility to arrange adequate insurance.
Q. What are 'Legal Packs' and do I need them?
A. Legal packs can be obtained from every auctioneer, normally 2 weeks before the auction date. The pack contains legal information on any given property the auctioneer is selling. Your solicitor must have them (we will arrange these on your behalf) to investigate any matters that may need attention.
In every legal pack you will find the following:
Special conditions of sale, memorandum of sale, local searches, land registry search, epitome of title, covenants (land or property restrictions) and any leases on the property etc.
We are not legal jargon experts but your solicitor will be able to advise if the property can legally be yours - and there are no hitches involved.
Legal packs can vary in price but are normally £10.00 - £20.00 each.
Q. To summarise briefly, what are the main costs involved for you to purchase any property on my behalf?
A. Even if you don't subscribe to our £32.95 Premier Service and wish us to view a property or attend and auction, our fees are as follows:
£275.00 property viewing and appraisal. £150.00 auction day attendance.
Q. Why do you charge an additional £150.00 to attend the auction?
A. If we attend the auction (remember this could be anywhere in the UK) and don't secure the sale - we have had a wasted day. This is to cover our expenses and time for that specific day.
Q. Which commissions are non-refundable and why?
A. Our viewing fee of £275.00 and our auction day attendance fee of £150.00.
As you can appreciate, our agency does carry out a lot of work on your behalf. We have costs that have to be covered like: administration, photography, telephone calls and travelling time to and from every part of the UK, expenses etc.
After our property viewing, It is very rare that our client's decline from purchasing - however, there are times that certain situations arise that can't be overcome. Last minute financial deals falling through, a change of mind, family bereavement's; situations that we have no control over. |