SELLER’S GUIDE TO ONLINE AUCTIONS


A GREAT NEW WAY TO SELL YOUR PROPERTY

JD Allitt Online Auctions combine the effectiveness of a traditional auction with the efficiency of modern technology creating competition between bidders that works to your advantage. Even better... we don’t charge a seller’s fee.

Competition between determined bidders can produce a great price for your property and when the auction closes the Exclusivity Agreement, Reservation Deposit and Exclusivity Period eliminate the delays often associated with private treaty sales.

10 STEPS TO A SUCCESSFUL SALE

  1. We first work with you to explain the process, what you need to do, determine the reserve price, guide price and timescales.
  2. Upon receiving your instruction you sign our Terms & Conditions
  3. You instruct your solicitor to prepare the legal pack. We liaise with them to ensure they know exactly what is required and by when.
  4. Your property details are then uploaded to our website and marketing will begin, including Right Move. The date and times that the auction will start and finish will be agreed with you.
  5. We liaise between potential buyers and you to arrange viewings.
  6. Prospective bidders must register on our website prior to an auction and then they can download the legal pack. To bid they must add more information to qualify their auction account and provide card details for us to take the reservation deposit and our buyer’s premium should they be the winning bidder.
  7. The auction begins. Our online system allows you to track the bidding progress on your property, including how many bids have been made and what the current highest bid is.
  8. When the auction finishes, at the agreed date and time, an extension of 60 seconds will be automatically added if bids are made during the last 60 seconds. This will continue until a full 60 seconds has elapsed without further bids, as would happen in a traditional auction, to ensure we achieve the best possible price for your property. The 60 second time period can be changed for each auction.
  9. At the close of the auction we complete the Exclusivity Agreement on the buyer’s and seller’s behalf and take payment for the non-refundable Reservation Fee and non-refundable Buyer’s Premium. The sale price is fixed at the close of the auction.
  10. We will liaise with your solicitor and the buyer’s solicitor to see the transaction through to exchange of contracts and onto completion.

The Exclusivity Period allows the winning bidder time to arrange their survey and finance prior to exchanging contracts with no risk of losing the property. You have the advantage of knowing your buyer is serious having paid a non-refundable Reservation Deposit. If the winning bidder fails to exchange contracts within the Exclusivity Period or decides to walk away from the purchase they lose their Reservation Deposit. You are then free to re-offer your property for sale.

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