Buying and selling property at auction is becoming increasingly popular. The advantages for the sellers are obvious: it is a straightforward, fast way of disposing of property, there are rarely unexpected delays and completion usually takes place within 28 of the date of the auction.
For purchasers, the story may be different. Many clients are attracted by the low prices but properties bought at auction can have substantial title defects or there may be other issues which are not disclosed by the seller. These issues may not be obvious from an inspection.
Healys’ auction team recognises the urgency of auction transactions. The team has a wealth of experience selling and purchasing commercial and residential property at auction. The team is regularly praised for its flexibility and responsiveness when dealing with auction transactions. Swift responses are a pre-requisite for a smooth auction transaction.
When acting for sellers, it is important that the sales pack is prepared quickly and accurately as the packs are the basis on which the bids will be made. The more comprehensive the sales pack, the more likely it is that the property will receive interest at auction. This may not apply to all properties so a seller should be careful when deciding what is disclosed in a pack.
When acting for purchasers, we can review auction packs for our clients. We can do this either on a general basis or, if you wish to know particular details about the property (or have a proposed plan for its future) we can review specific elements of the pack.
In order to reduce risk when buying at auction, it is advisable to ask a solicitor to check the documentation.
We usually prepare sellers’s packs for auctions on a fixed fee basis. Our fees are dependent, not just on the value of the property but also the complexity of the title in question.
You may decide to defer payment of the fees, in favour of asking the winning bidder to pay once the Property is sold. Our buying and selling property at auction team can assist clients in ensuring that the sales conditions are drafted accordingly.
You may wish to include searches in your Auction Sales Pack. Our auction team will be pleased to assist with putting together a suitable search pack.
When you send us a sales pack for inspection we will examine it immediately we receive it.
If no sales pack exists for a property, we can obtain the majority of searches within a reasonable time and at reasonable cost (provided you have sufficient details of the property e.g. the postcode).
With regard to inspection of sales packs, we usually charge our fees on a time-spent basis (based on our hourly rates) we are however happy to discuss fixed fees where it is appropriate to do so.