A bidder may, if they choose, place an offer on your property or lot before it has gone to auction. This can be a very positive experience for both the seller, who can achieve a quick sale at a price they accept, and the buyer, who can secure the lot prior to an auction. If, as the Seller you choose to accept a pre-auction offer, then the buyer will pay a non-refundable deposit and your lot will be removed from the auction.
It’s easy to sell land and property by auction. So whether you have a flat, bungalow, house, development site, farm, garage, or freehold auctioning might be the route for you. Regardless of the state of the property – fire-damaged, water-damaged or pristine, in need of renovation or conversion – there’s bound to be a buyer to match. You can also sell Whisky and other property of special interest.
In short, No, the highest bidder above the reserve is contracted to buy. A legally binding contract between the buyer and the seller is initiated once the final bid has won. This guarantee is part of the appeal of an auction. Please make sure that you are happy to sell your property before you put it up for auction!
When the gavel falls, a holding deposit is taken from the highest bidder, with completion then typically taking place after 14 days.
And if my lot doesn’t sell?
Don’t worry — all is not lost!
Unsold lots are made available to buy after the auction, stating the minimum price for which you’ll be willing to sell.
Offers will be submitted to you and, should you accept, auction contracts will be exchanged immediately.
You will need to provide the auctioneer with a number of documents and information to be able to sell your property via auction in Scotland. Of course, the exact requirements may vary depending on the property being sold and the auction house but to summarise, you’ll need the following:
Proof that you own the property:
You will need to provide proof that you are the legal owner of the property by providing title deed, land registry documents, or other similar documents.
Property information:
You’ll need general information about the property such as the address, size, age, and any notable features or defects.
Legal documents:
As we previously mentioned, you’ll need to provide any legal documents related to the property, such as any lease agreements, planning permissions, or details of any home improvements completed.
Energy Performance Certificate (EPC):
You will need to provide a valid EPC certificate if applicable to show the current energy efficiency rating of the property. This is becoming increasingly important to buyers in response to the Governments proposal to increase minimum energy efficiency ratings.
Personal ID:
Can you provide proof of your identity, such as a passport or driving license along with proof of address in the form of a utility bill or bank statement.
It is always best to consult with the auction house or a solicitor to determine the specific requirements and documents needed for your particular property.
When submit your property or land/lot to an auction house you will receive what we call a Guide Price. This gives potential bidders an idea of what the Seller is looking for, and is advertised on social media platforms and the website for marketing purposes. The nature of the auction where two, three or more bidders are interested in the lot, can push the final selling price way above the Guide price and reserve.
This is allows the Seller to protect their property/lot from selling at lower price than they are comfortable with. It is entirely confidential between the Seller and the Auction House and will not be disclosed to potential bidders.
Do you you have a flat, bungalow, house, development site, farm, garage, or land that you need to sell really fast?
We have investors ready with cash to buy quickly.
If you need a guaranteed sale speak to us and we contact our investors who will make you a guaranteed offer in 7 days and will complete in 14 days.
You will release your equity and have your money 14 days on from contacting us.
Our investors are property professionals. They are looking for below market value deals but we will advise you on what we think would be a fair price.
You are under no obligation to accept any offers but we have a strong working relationship with our clients and you can be certain that any offers will be made with your requirements in mind.
We will need as much information as possible initially to help with a quick valuation.
Our team of experienced land and property specialists will go through everything needed to form a valuation.
Once a deal is agreed a formal offer will be submitted by the purchaser’s solicitor to the solicitor acting on your behalf.
If you don’t have a solicitor, don’t worry, we regularly work with a number of conveyancing professionals and we can put you in touch with an independent solicitor who will take care of things for you.
If you think that this might be the right option for you then give us a call on 0131 278 3565 or send us an email- sales@braveheartauctions.co.uk and we can find out if this is your best option