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I WANT TO AUCTION MY PROPERTY

For those looking for a quick sale backed up by a buyer deposit - auction is the answer

The Great North Property Auction was founded in 2011 by Dowen Estate Agents, 2 other estate agents and auctioneers IAM-SOLD Ltd

From the outset it has proved to be an enormous success with over 2000 properties now sold over a wide range of prices

Auction is an ideal way to attempt for a quick sale secured by a buyer deposit

AUCTION IS NOT JUST FOR CHEAP PROPERTIES

Some sellers believe that auction is just for cheap properties or bank repossessions. This is not the case

Click below to see the wide range of properties we have sold at auction

If you have a high demand property, where many buyers are expected to be interested, auction is probably the best way to get you the highest price

Think of those people selling in demand pieces of art, furniture, jewellery, etc.  They generally use auction, because they expect they will get the best price 

Entering your property into The Great North Property Auction is easy

Your first step is to simply contact your nearest Dowen branch

HERE'S WHAT WE WILL DO

Our valuer will call at your property and discuss how our auction works and whether your property fits the criteria to make it a viable auction prospect

If it does fit the criteria

We must first agree with you A Reserve Price

This is the price below which we will never sell the property without your permission

Many people will have an idea of a reserve price themselves. Where would you set it for your property?

Once a reserve price is agreed and you are happy to go ahead, a 60 day sole agency auction contract is prepared and signed by you and us, on behalf of The Great North Property Auction

We then commission a Buyer Information Pack which contains searches and other information for people who want to make a bid

We’ll send you a “fixtures and fittings form” to complete after which it is placed in the Buyer Information Pack

Thereafter your property is ready for auction

INTERNET AUCTION

At the outset we take your property to auction, on the internet, via The Great North Property Auction website which works just like eBay

Simultaneously we heavily promote your property in newspaper adverts, through our branches and 24/7 via numerous internet websites. We contact all the buyers + investors registered with us and invite them to view and bid

At any time BUYERS CAN MAKE BIDS ON-LINE, IN OUR BRANCHES OR DIRECT TO THE GREAT NORTH PROPERTY AUCTION OFFICE

We will keep in touch with you throughout the process and advise you of all bids we receive

AT ANY TIME, YOU THE OWNER CAN TAKE A BID THAT IS ACCEPTABLE TO YOU  and STOP THE INTERNET AUCTION

In fact over 80% of our auction sales have successfully occurred via our auction website

Once a bid is accepted, the buyer pays a deposit (usually £5000 + vat) which in most cases is non refundable. He is expected to exchange contracts within 28 days of contracts being received, by his solicitor, from your solicitor

You then have the security of knowing the buyer is unlikely to pull out of the sale as he’ll lose his deposit and that he is required to exchange contracts in 4 weeks

LIVE AUCTION EVENT

If we get lots of internet auction bids we will take your property to one of

OUR REGULAR LIVE AUCTION EVENTS AT THE RAMSIDE HALL HOTEL, DURHAM

where we have our auction room, an auctioneer and audience of potential bidders

At these exciting events buyers bid in person, over the phone or by proxy

Once the hammer goes down on the highest bid, the buyer pays a substantial deposit (usually £5000 + vat) which in most cases is non refundable. He is expected to exchange contracts within 28 days of contracts being received, by his solicitor, from your solicitor

You then have the security of knowing the buyer is unlikely to pull out of the sale as he’ll lose his deposit and that he is required to exchange contracts in 4 weeks

WHAT PROPERTIES ARE BEST SOLD AT AUCTION

 

In Demand Properties where lots of buyer interest is expected

This type of property is perfect and should achieve the highest price when offered in an auction room environment. Better still, when sold at auction, that price is underpinned by a non refundable buyer deposit reducing the possibility of a sale fall through to virtually zero. Selling such a property via the traditional estate agency route usually ends in buyers making sealed bids, where often the highest price a buyer is ultimately willing to pay is not necessarily achieved. Plus, the successful sealed bid buyer could pull out at any time with virtually no financial penalty

Properties where the owner wants a quick secure sale

If a property is priced correctly for auction, it will attract lots of interest and should then achieve its best price, underpinned by a non refundable buyer deposit and a commitment to exchange contracts in 28 days

Properties which require upgrade

This type of property is an ideal auction prospect because they attract much interest, from builders, buy to let buyers and people looking for a project. Most often they are cash buyers and willing to bid the price up to get the property they want. Best of all, the highest bidder pays a non refundable deposit and commits to exchanging contracts in 28 days

Building Land

In popular localities land on which to build is always in demand and should thus achieve the highest price when offered in an auction room environment 

HOW MUCH DOES IT COST TO SELL AT AUCTION

You have no estate agency fees to pay because the deposit paid by the buyer is retained by us and pays for the services of Great North Property Auction and Dowen Estate Agents

You will have to pay your own legal fees (£390 via a Dowen panel solicitor)

Once your auction pack is completed we will bill you for part of the cost, usually £130, but slightly more if your property is leasehold

On completion of your sale the balance for the auction pack will be charged. This is usually £120

WHAT IF I WITHDRAW MY PROPERTY

Provided you have allowed us to market it at auction for over 60 days, you will have nothing to pay us apart from the amount you will have already paid for the Auction Pack

If you withdraw from auction before 60 days marketing have elapsed, you will have to pay for all of the auction pack + an admin charge, £360 or slightly more if your property is leasehold

You could also be liable for any legal costs you have privately agreed to with your solicitor

HOW DO I GO AHEAD

Your next move should be to have one of our valuers call at your property, on a no obligation basis, to discuss the merits of auction

We will suggest a reserve price... The figure below which we will never sell your property without your permission

After that, it’s up to you

Please contact us today