Benefit from Realistic Time Scales to Sell & Move

 

Our Modern Method of Auction provides you with greater flexibility to complete your sale within 56 days.

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Buying your property through the Modern Method of Auction

You’ve decided to buy your property at auction – let’s get started!

Below we look at each step when buying a property with Pinewood Property through the Modern Method of Auction.

  • SEARCH – Auction properties can be found on property search engines, advertised with Estate Agency Partners, or search on www.iamsold.co.uk.
  • VIEWING -We would always recommend viewing any property you are considering. You can book your viewing through the Estate Agent, afterwards the iamsold team will be in touch. They will discuss your feedback and potential interest in bidding.
  • BUYER INFORMATION PACK – If you plan to bid, you need to carry out your due diligence before proceeding. Each property has a Buyer Information Pack and we highly recommend that this information is reviewed carefully before bidding. It’s also advisable to review the pack with your Solicitor. To download the pack, you will first need to create an account on www.iamsold.co.uk.
  • SALE METHOD – Information will be available about how each property is being sold. This will be via Traditional or Modern Method of Auction. You’ll need to ensure you can meet the requirements of the auction method before bidding. You will need to ensure you have the necessary funds available for any deposit/fees.
  • BIDDING – You need to register before you can bid. Click the link on the property details page, follow the easy steps online. Once approved, you can place bids. Watch the auction and see all live bidding activity so you don’t miss out if you are outbid.

You Are The Winning Bidder!!!

Depending on the method of auction, you’ll have either 28 or 56 days from receipt of a draft contract to complete the purchase. Our friendly team will also contact you to carry out an ID check.
DEPOSIT/FEE – In both cases you need to pay a Reservation Fee or Deposit to reserve the property. You will also need to instruct a Solicitor to act on your behalf
EVIDENCE – You’ll also need to evidence how the purchase will be funded. This will be required before exchange can take place.

Our expert Completions team will help to progress the sale, keeping you updated every step of the way.

Congratulations you have bought a property through the Modern Method of Auction!

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Selling Your Property at Auction

You’ve decided to sell your property at auction and chosen the method that suits your needs and property best – let’s get started!

Steps to Selling Your Property
  • PRICING – We’ll discuss and agree an undisclosed Reserve Price (the minimum amount you are prepared to accept for your
    property) and a Starting Bid (the price that the property is marketed at to generate interest).
  • GETTING PREPARED –
    • Your Estate Agent prepares property details, including photographs and EPC if required.
    • Our friendly team will complete identification checks with you. Don’t worry, this is a quick and easy process but a legal requirement for anyone selling a property.
    • The team will prepare an Auction Pack. This provides property information to potential buyers and includes legal documentation, such as Title Documents and Searches. Our in house auction specialist team Medway Law can provide this, and you only pay when your property sells.
    • If your property is a Leasehold, you may also need to provide a Management Pack. You can request this from your freeholder or Managing Agent who will confirm the cost payable by you. You will be asked to complete a property questionnaire – to avoid any delays, get this completed as soon as possible.

 

PRE-AUCTION MARKETING

We begin to advertise your property whilst the Auction Pack is being prepared. The aim is to generate as much exposure, interest and as many viewings as possible.

  • READY TO GO – Once the Auction Pack is completed, the property can go to auction and bidding can begin. Your Auction Specialist will agree an appropriate start date with you, and best auction duration depending on the levels of interest.
  • BIDDING
    Interested parties who have registered can bid on the property. The auction will end when the auction timer runs out and a sale will be agreed if a bid is received on or above your agreed Reserve Price.
  • YOUR PROPERTY HAS SOLD – Depending on the method of auction you have chosen, the buyer will have either 28 or 56 days from receipt of a draft contract from the buyers Solicitor, to complete the purchase. In both cases the buyer will have paid a fee to reserve the property, so they are committed to the purchase.
NEXT STEPS

Our expert Completions team will help to progress the sale, keeping you updated every step of the way through the modern method of auction!