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Auctions

AUCTION PROCESS

 

Boot & Son have been selling properties successfully by Auction for over 100 years and believe that we provide the best service for local property in the area.  A lot of clients do not understand the sale process and we list below the way in which we deal with your property.

Appraisal.  Most Auctioneers will only carry out a Desktop Appraisal of your property before you formally instruct them to offer it for sale.  Boot & Son believe that this is not the best approach for the seller since you need accurate advice initially in order that you can make an informed decision.  We will always inspect the property and discuss the price with you.  If you instruct us to offer your property for sale we will agree our terms and conditions of appointment including listing fees, commissions or fixed fees in the event of a successful sale.  Please remember that we are completely independent and able to vary our fees and charges as we see fit.

Particulars.  Boot & Son provide brief sales particulars for inclusion in the Auction catalogue and will liaise with your Solicitor who will be asked to prepare a legal pack which will be made available during the marketing period to any interested purchaser.  The legal pack is available at our offices, those of the Solicitors, in the Auction Room on the evening and more importantly online.

Routes to the market place.  We pride ourselves on the depth of our market.  Every property in our catalogue benefits from exposure on the internet, newspaper coverage and is widely circulated via our extensive computerized mailing list.

Convenience.  Boot & Son are great believers that local properties deserve local Auctioneers and it is our experience, although our advertising through Rightmove is world wide, that most properties in the Cannock Chase area are purchased by local people.  To this end we offer the convenience of two set viewing dates throughout the weeks approaching the Auction and also conduct our sales at a local Venue during the evening ensuring that as many potential purchasers can attend as possible.

Well Attended AuctionsThroughout the evening about 200 people usually attend our Auction sales creating a buzz and atmosphere crucial to ensure a successful sale and profitable outcome for the property disposals.  Buyers can also bid via telephone or instruct us with a proxy.  A lot of Auctioneers claim they have the largest attendances, but if analysed, 1,000 people for 100 lots is not as good as 200 people for about 10 – 12 lots! 

In the UK on the fall of the Auctioneers gavel (hammer) there is a binding Contract and the purchaser is legally obliged to complete the purchase.  A 10% deposit is paid and a Contract or Memorandum of Sale is signed.  The buyer pays the deposit only and unlike larger Auctioneers, there is no buyer’s premium.  We feel that this ultimately lowers the best bid and is still in a roundabout way borne by the seller. 

What happens if a property does not sell by Auction?  In the less likely event of a lot remaining unsold we normally expect our instructions to continue until they are terminated by the seller in accordance with our initial Agreement.  We will contact previously interested parties and request best bids.  It is our experience that sales are more likely to be agreed immediately following the sale when post Auction interest is the strongest.

Guide Prices and Reserve Prices.  It is vitally important to set out guide prices at a level that will attract buyers.  This will generate competitive bidding in the Auction Room and ensure that the best price is achieved.  We will be constantly obtaining feedback during the marketing period and will be able to advise a few days before the Auction of a reserve price.  The reserve price is the level below which we will not be authorised to sell.  At this stage in the marketing period we will always be in a position to gauge a level of interest in each lot and will often know the identity of the people that are likely to be bidding for it. 

Buyers Guide to Auction

Boot & Son believe that the buyer should be fully informed and aware of the ‘do’s and don’ts’ of buying at Auction.  The following is a few of our thoughts on the process:  

Buying at Auction.  There is nothing to be afraid of in the Auction Room.  Buying at Auction is a speedy process, it is transparent and there is no pressure for you to get your offer in first like other buying methods.  It also saves a lot of abortive fees when sales break down and people change their minds.  It is however vitally important that you prepare yourself for buying at Auction.

  • Find a property by obtaining our catalogue, visiting our website or checking through property portals.
  • Check the guide price to see if it is in the price range you are able to pay.
  • Contact the Auctioneers and see when the viewings are and then view the property at least a couple of times.
  • Obtain the legal pack and if you are uncertain about any of the contents, consult a Solicitor.
  • Obtain a survey or advice on the physical condition of the property.
  • Arrange finance if required.
  • Note the Auction date and attend the Auction.  Before attending the Auction, check that the property is still available for sale and that there have been no alterations in the guide price or legal pack.

Bidding.  There is more than one way to bid at Auction.

  • First and probably the best is to attend the Auction yourself, thereby you will get a good feel of the interest in each lot and see how the bidding is progressing.
  • If you cannot attend the Auction you can arrange to have a telephone bid whereby we will telephone you immediately when we start to offer the lot that you are interested in.  In order to do this you will need to contact us at least 7 working days before the Auction so that we can get you to complete the relevant paperwork, obtain proof of identify and take a deposit cheque from you.
  • By proxy you can trust the Auctioneer to bid on your behalf and you will undertake to buy the property at the lowest price it can within your maximum bid range.  Again to do this you need to contact us at least 7 working days before the sale so that the relevant paperwork can be completed, your proof of identity ascertained and a cheque taken in respect of the deposit if you are the lucky buyer.

Modern Auctions.  Boot & Son do not like modern Auctions and cannot really see the benefit.  A modern Auction is prepared on much the same lines as a traditional Auction although the successful purchaser is not legally bound to proceed.  The purchaser pays a reservation fee somewhere between 5% and 7% of the purchase price.  The payment of this fee reserves the property for a purchaser for a set period of time, normally about 1 month.  During this time the purchaser can make his investigations, obtain a survey or even try to renegotiate the price.  If the purchaser does not proceed to exchange of legal Contracts to buy then either party can withdraw at the expiration of the reservation period.  The purchaser loses his reservation fee to the modern Auctioneer but the vendor gets nothing apart from ‘frustrated’.  We cannot see the sense in these but carry out your own investigations and come to your own conclusion. 

© 2021 Boot & Son Established 1919. All rights reserved.
Boot & Son Chartered Surveyors Established 1919 is the trading name of Boot & Son Ltd.
Registered in England and Wales No. 12166369
Registered Office: 57-61 Market Place, Cannock, Staffordshire, WS11 1BP