Q: What is a conditional auction?
A conditional, or modern method of auction, is one where the fall of the hammer or acceptance of an offer reserves exclusivity for 28 days for the winning bidder to exchange contracts.
Q: What is an unconditional auction?
An unconditional, or traditional auction, is one where the fall of hammer signifies exchange of contracts on the property with completion set for 28 days thereafter.
Q: Which is the best type of auction for me?
The seller of the property decides which type of auction each property is sold under. The choice of auction very much depends upon your personal circumstances, the local market and price you wish to achieve. Your local representative will be able to guide you through your options and help you decide.
Q: How much does it cost to enter my property into an auction?
We currently do not charge to enter your property into auction. You will need to purchase an EPC should your property not have one and instruct a solicitor before the auction.
Q: What is the legal pack?
The auction legal pack contains information about your property that a purchaser needs before bidding. It generally includes searches, title plans, fixture and fitting forms, supplementary information, contract of sale, general terms and conditions and any special conditions. If the property is currently let, it will also contain any pertinent information regarding this.
Q: What is the starting bid?
The starting bid is the price the property is advertised at. This is the price at which bidding will commence at the auction and which any offers below this price will not be considered by the seller. It is not a price at which the seller will definitely sell at.
Q: Will there be any changes after the catalogue is printed?
Properties can be sold prior to auction, withdrawn from sale and also have their starting bids increased or reduced up to the auction start. We would recommend obtaining clarification before arriving at the auction wherever possible.
Q: Circumstances beyond our control?
We always aim to ensure that the auction process is fair, transparent and runs smoothly. We take no liability for circumstances outside of our control.
Q: Will my property be sold ‘cheap’?
Whilst auctions used to be for properties that couldn’t be sold any other way, modern day auctions are for all types of properties including those with lots of interested parties and individual properties or unusual lots. We would recommend pricing your property competitively to increase competition and interest, thereby ensuring that it achieves its market value.
Q: What does it cost me to sell at auction?
For unconditional auctions, our fees are paid by the seller. For conditional auctions, sellers will not pay us a fee.
Q: Do I have to evict my tenant before selling?
Definitely not. Many investors who buy at our auctions are looking for instant returns from their purchase. Martin & Co are one of the four biggest letting agencies in the UK yet each local office is owner-managed by franchisees who know the local area and can ensure that personal touch therefore, the transition retaining your tenant for your buyer can be made as easy as possible, whilst also ensuring that you maintain the rental income until the time you complete on your sale.
Q: What happens after I have sold my property at auction?
With unconditional auctions, your property has exchanged and in 28 days you should have completed. Our auction coordinator will keep you updated throughout that time.
With conditional auctions, your buyer now has 28 days to exchange contracts and you are unable to market your home or sell to anyone else. Again, your auction coordinator will keep you updated to try to ensure that this runs as smoothly as possible.
Q: Will my property definitely sell at auction?
As with selling by private treaty, there are many factors that will determine this. We cannot guarantee a sale, but rest assured, we will advise you on how best to achieve this.
Q: Is my property suitable for sale by auction?
Any type of property is suitable for sale by auction, however, if there is a better method of sale for your circumstances or needs, your representative from Martin & Co will suggest these to you.
Q: Will my property sell at an auction in Gainsborough?
We have been selling properties in Gainsborough by auction for three years, locally our auctions are established and we have many investors attracted by the low prices and good returns. As well as attracting local investors, your local Martin & Co will be advertising your property locally attracting investors from your area, whilst other Martin & Co offices will distribute the catalogue in their area thus maximising your chance of attracting the right buyer for your home. So, in short, yes.
Q: When should I instruct my solicitor?
You should instruct your solicitor at the same time as instructing us. This will then give ample time for the auction legal pack to be produced, thereby ensuring that your property can be sold at auction or even prior to it.
Q: What if my property does not sell?
Should your property not sell, we shall liaise with any interested bidders and viewers in an attempt to negotiate a post auction sale. Should we be unsuccessful, we shall continue to market your home and place it into our next auction.
Q: Who do I contact to sell my property in your next auction?
Please contact ourselves on 01427 611833 or your local Martin & Co office as listed in the Offices tab.
Q: Will I pick up a bargain?
All of our properties should be competitively priced. If you like a property then decide upon your maximum bid and stick to it.
Q: Can I buy a property before the auction date?
Yes, all offers above the starting bid are passed to the seller and any bids will be accepted subject to the appropriate auction conditions.
Q: On top of the purchase price, what else will I have to pay?
For unconditional auctions, there is a contract documentation charge of £600 including vat, it is also usual for the searches to be purchased from the seller. Any other charges will be listed in the contract within the legal pack.
For conditional auctions, the buyers’ premium or reservation fee is payable on the night or upon acceptance of the offer. Again, check the auction legal pack for any further charges.
Q: What happens if my bid is successful?
For an unconditional auction property you will be asked to pay the deposit and other monies and to sign the contract and other paperwork on the night. This will signify exchange of contracts from which completion will take place within 28 days.
For conditional auction properties, you will be asked to pay the buyers’ premium and sign relevant documentation. This gives you 28 days exclusivity to exchange contracts on the property.
Q: How do I view properties I am interested in?
Contact the local Martin & Co office as detailed in the property description.
Q: What if I am unable to attend the auction?
Please complete the non-attending bidders form and take this with identification to the relevant office. We can then work with you to leave a bid with the auctioneer or to arrange a telephone bid.
Q: What should I bring with me to the auction?
If you are looking to bid on a property, please ensure you bring the relevant identification and ways to cover any monies that will be due on the night. If you have any queries, please contact us.
Q: Do I have to buy the searches from the seller?
It is usual, unless the contract within the properties’ legal pack states otherwise.