Auction

Elvet Estates offer an auction service and work alongside The Great North Property Auction. ‘The Modern Method of Auction’ is a fantastic way to get your property fully exposed, we offer a unique approach to auction with numerous benefits to the seller:

  • 0% commission payable
  • NIL entry fee
  • A fixed date to sell
  • Greater levels of interest/viewings
  • Guaranteed to achieve current market value
  • Bids taken online 24/7

General Process

We will offer recommendations for a Starting Bid, this is merely a figure to attract interest and encourage as many viewings as possible. We also offer recommendations of a Reserve Price, this being the minimum you will allow the property to be sold for (in a worst case scenario). We are not suggesting this is what the property is worth, we are only suggesting that by offering with a lower/attractive starting bid, we can “widen the net” & attract more interest and allow buyers to bid up to what they feel the property is worth to them (ideally of the minimum reserve and above).

We can only sell the property should bids reach the minimum reserve or above. The main benefit is regardless of what the property sells for, the seller will benefit from the full price achieved as there are no sales fees for the seller to pay from the auction team or the appointed estate agent, we charge the buyer a fee of 3.5% plus VAT subject to a minimum of £6000 including VAT. The buyers pays this fee upon acceptance of a bid on a non-refundable basis to effectively reserve the property and prevent other parties viewing and bidding.

The buyer will be granted 56 days in total to exchange and complete the transaction from draft contracts being received, thus giving the seller fixed timescales to work around. The only cost the seller will encounter is for the preparation of the auction pack (title info, relevant searches) of £130 - £150 once the pack is complete approx. 2-3 weeks into the marketing and then a further £120 once we achieve a sale. Along with the usual Conveyancing costs. The auction have their own Conveyancing panel that can also do theConveyancing for you for £725 for properties up to £249,000 and £1085 for anything over, this includes Vat and disbursements and with this they would also waiver the second £120 for the auction pack.

There is a minimum tie in period of 60 days, if you chose to withdraw the property from the auction we would require 21 days written notice. If this ends in this timeframe there is a charge of £360 including VAT. Outside of this it is a free withdrawal with only the first half of the auction pack prep to pay for. We do not guarantee entry to our live auctions, all of our properties start on our online auction to test the activity, we then decide which properties go to our live events depending on how much interest they have. We would never put a property to a live event if there was no interest as we do not want this to be seen as unsold.

If you would like to discuss the possibility of selling your property via The Modern Method of Auction please get in touch

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We're Award Winning

Elvet Estates was founded in 2014 by the directors of the multi-award winning student housing provider, Bill Free Homes.

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