1- Free Auction Appraisal
A guide price will be recommended by us after your Free Auction Valuation, which should help you decide whether or not you would like to go ahead with selling at auction.
Keep in mind the guide price will always be lower than the current market value, and this is done so the property gains as much interest as possible. It encourages more people to bid, which should drive up the price. You will be required to sign auction agreement before marketing begins.
This acts as a formal instruction to the auction house, and is the first official step towards selling your property.
2 - Marketing
We will begin marketing your property, as soon as we receive your signed instructions.
Your properties can be found on Rightmove, Zoopla, On the Market and our Website, it is within our website where you will find the exact auction information including Starting bid, Time clock and Property information including the Legal Pack. You must be registered with our Auction Department before placing a bid on the property.
3 - Viewings
We will aim to schedule open house viewings and our attending staff will be at the property for a maximum 30mins before they move onto their next appointment so please attend during the advertised time and day which will be on the property advert. You can also contact us on 0116 352 7012 to make an appointment. Not all properties are available to view, particularly investment properties or properties in serious/dangerous states of disrepair, which you purchase at your own risk.
4 - Offers
During the marketing period, Kings may receive offers prior to the auction and we would advise considering these. All offers must be made in writing by emailing email@example.com. However, Kings will always state that any offers must be in excess of the guide price in order to be considered. You can accept offers made ahead of auction day.
5 - Legal Pack
Prior to any property going through our auction, We strongly recommend that you consult with your solicitor to ensure that all the information you have provided relating to your property is correct to the best of your knowledge, the legal pack contains special conditions of sale, title documents, leases (where applicable), searches, planning documentation and office copy entries etc.. as it is an immediate legal exchange of contracts at the end of the auction.
6 - Reserve Price
Prior to the auction, you will always receive constant updates regarding interest and viewings relating to your property. It is extremely important the reserve price is set at a realistic and achievable level. Once agreed, the reserve price will need to be signed, as this is the lowest price you are prepared to accept for your property.
If your property fails to meet its reserve price at auction, someone may still wish to buy it. You will need to decide whether to accept any subsequent offer and advise the auctioneer accordingly. It’s quite common for an unsold property to sell within 24 hours of the auction ending, as potential buyers may have simply been delayed or unable to attend.
7 - Auction
Whether your property is being sold within a venue auction or online auction, your property will be sold with an immediate exchange of contracts and a non-refundable deposit taken, usually 10% of the sale price which can be made via BACS, Banker’s draft (made payable to KRE Properties Ltd t/a Kings Real Estate) or debit card with the exception of lots being sold on behalf of the Council, which must be paid by banker’s draft.
‘Please note we do not accept personal or business cheques or cash. If buying in the auction room, a member of staff will direct you to the finance desk.’
8 - Completion
Completions will usually take place within 28 days of the exchange of contracts. However, this can vary in length depending on your circumstances and special conditions of sale.
We will be in constant communication with your solicitor and will release the keys or arrange access for the purchaser, once we have received this instruction.
Like to know more about what we are offering?
If you are looking for more information on property auctions or further advice on buying at auction, please contact Kings Real Estate on 0116 352 7012