Tools DIY and Machinery Auctioneer

Auctions

over the years we have developed a strong reputation for selling property by auction. Just recently we have sold in excess of £20 million of rural property by auction. We are proud of our success rate, having sold 37 of the 40 properties offered last year and 25 of the 29 properties offered this spring. Click here to see our auction calendar and catalogues of forthcoming auctions and past auction results.

we have a team of auctioneers throughout our offices. If you have a property that might suit an auction sale, please contact paul clayson to be connected to your local auctioneer

we have a team of agents experienced in the sale of property by public auction.
for certain properties, in certain circumstances, a sale by auction can be particularly
appropriate and highly successful, with an instant exchange of contracts

types of property particularly suitable:

cottages & houses for renovation
agricultural and amenity land –
often smaller blocks building sites
barns with planning consent for conversion
or other conversions
property on behalf of local authorities,
trustees and charities
investment properties
repossessions
www.fishergerman.co.uk

auction
a list of particularly suitable types of property appears on the front page.

auction – advantages?
timing and certainty
one of the biggest differences between auction and a private treaty sale is that the contract documentation, searches, pre- contract enquiries and all relevant information is prepared in advance of the marketing taking place and well before the sale date. The vendor’s solicitors will provide, on request, an auction pack giving details of title, pre- contract enquiries, searches etc. A private treaty sale involves marketing first. Therefore, the frustrating period of time that can arise after a sale has been agreed by private treaty whilst the legal issues are resolved, is avoided with an auction sale.

"at the fall of the hammer, there is a binding contract..."
fairness and openness
everybody is working from a level playing field. Anyone can bid. It’s all out in the open. This can be a big advantage to executors, who have to be seen to be completely fair and open. It prevents gazumping or the purchaser equivalent.
focus
everybody’s mind is concentrated on a date, time and venue.

auction – procedure?
the vendor remains in control until the fall of the hammer...

1. At the onset of marketing, a guide price will be agreed with the vendor. This figure will not be a valuation nor the best price achievable, but a fair figure perhaps at the lower end of a range. This figure is important to show the marketplace that the vendor is being realistic. The property is usually marketed for 4-6 weeks.

auction – why?
the right property in the right market can often achieve a price well in excess of a likely private treaty price. The power of the auction and the adrenaline created in the room, particularly with a property in serious demand, can dictate that purchasers
bid more than they intended, to the vendor’s benefit. Sometimes, auctions are a useful marketing mode if there is either a legal or serious practical problem eg. Structural. A sale can be forced through at auction which may not be possible by private treaty.
auction – when?
to have a very successful auction, both the market conditions and the type of property must be right. Generally auctions work best in a bullish market. Vendors and purchasers prefer confidence in the market before being committed to the finality of an auction.

auction – what types of property?
the right property might probably be more important than the right conditions.

there are no rules, but it helps if the property is suitably special or individual to generate genuine interest. It would be very unusual, even in a very good market, to sell by auction a normal run of the mill housing estate property.

2. The vendor should reserve the right to sell prior to auction to cover the situation in particular when a purchaser makes a very high offer which may not, for whatever reason, be acheivable on the auction day.

3. Any offer made would be reported to the vendor and carefully assessed by the auctioneer with his client. If the decision was made to accept the offer, then the auction would not be cancelled until the contract had been exchanged.

4. Just prior to the auction, when the full effect of the marketing could be assessed, a reserve price would be agreed with the vendor. This is the lowest figure that theproperty could be sold for. If the property did not realise the reserve, it would not be sold and would be announced accordingly. Sometimes property is sold after the sale.

5. If sold in the auction room, the purchaser signs the auction contract, as would the vendor, and pays his deposit - usually 10% of the purchase price. Completion usually takes place 28 days later, whereupon the balance would be paid. Our role is to achieve maximum value for your property, whether it be by auction or private treaty.

for further guidance on sale by auction
please contact your local property sales
department at:
property sales by auction – an explanation
www.fishergerman.co.uk

ashby de la zouch, banbury, evesham, knutsford, market harborough, reading, southampton, stafford

other services include:
building consultancy
rural estate business
planning & development
professional services
farm consultancy
telecommunications & windfarms
pipeline & utility consultancy

company specialises in rural property with offices at the heart of the uk serving clients countrywide.

in property sales, purchases and lettings we handle country property, village houses and cottages, farms and land, and equestrian units with a strong presence throughout the midland and shire counties.

we have a national reputation in rural estate business with wide-ranging knowledge and experience in building design, planning and development, and farm consultancy. In pipeline management we are the market leader serving the pipeline and cable industries, and we are the nfu recommended agents for telecom sites in england and wales.

company prides itself on an innovative approach to its market. As chartered surveyors trust and integrity are values which we apply to all our services.

the partners, supported by a young and creative team, advise private individuals, trusts and corporate clients. Understanding how to tailor our service to clients needs, and drawing on a wealth of knowledge and new ideas, give the partnership a unique presence in the rural property market.

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