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Properties For Auction In Sunderland

Welcome to the Paul Airey Conditional Auction Method of Sale

Paul Airey Auction Department sell properties via the Conditional Auction Process, all of our frequently asked questions are below.

Viewing 1 - 5 of 5 Properties

Viewing 1 - 5 of 5 Properties

Auction Faq's

  • Q - What does this mean?

    A. It’s a process whereby buyer’s compete/bid for an exclusive option to buy a specific period of time, typically 28 days to exchange contracts and 28 days to complete.

  • Q. How does it work?

    A. The winning buyer/bidder pays over a non-refundable reservation deposit to the auctioneer who holds this as a stakeholder until contracts exchange.

  • Q. How does the seller benefit?

    A. The payment of the reservation deposit ensures the buyer is "Invested" in the purchase and unlike the traditional private treaty method of sale the prospective buyer cannot walk away from the purchase without incurring financial loss.

  • Q. How does the buyer benefit?

    A. The buyer gets protection against the risk of gazumping.

  • Q. What benefits does it have over traditional auction?

    A. Buyers who require traditional mortgages rarely buy at non-conditional auction. Conditional auction allows buyers seeking to owner occupy, who require mortgages to purchase, this widens the buyer pool.

  • Q. What benefits does it have over traditional auction?

    A. Buyers who require traditional mortgages rarely buy at non-conditional auction. Conditional auction allows buyers seeking to owner occupy, who require mortgages to purchase, this widens the buyer pool.

  • Q. How fast is it compared with a normal private treaty sale?

    A. The UK average “market –to-move” timescales commonly runs at 6 months. The conditional Auction Process has proven to deliver sale results in sub 70 days.

  • Auction Summary

    Once an offer is accepted a non-refundable reservation fee is paid by the purchaser.

    A completion within circa 60 days. This allows people requiring mortgages to arrange finance, prevents them from being gazumped and reassures the vendor that the buyer is financially committed. This process suits committed sellers and motivated purchasers. The reservation fee covers the auctioneers and Estate Agents costs so the vendor has no fees to pay.

Modern Method

  • Reservation fee paid within 2 hrs of auction completion (this is a reservation fee and does not form part-payment of the final selling price).
  • 28 days for exchange of contracts
  • days for completion of contracts
  • more client friendly process allowing time for buying with finance and organising a removal van.

Traditional Method

  • 10% paid immediately after auction.
  • Immediate exchange of contracts.
  • 14-28 days of completion of contracts.
  • A process more appropriate for commercial investments or repossession stock.

Modern Method of Auction vs Traditional

Paul Airey Auctions offer both traditional auctions and the Modern Method of Auction. Traditional auctions are a tried and tested method for selling investment stock. The new Modern Method of Auction creates a transparent market place for the motivated residential buyers and sellers combining the best aspects of traditional auction and private treaty sales.

Query Type Modern Traditional
Can anyone buy through auction? Yes No
Can a property be bought with a mortgage? Yes Increased risk
How long can it take to complete? 56 days 28 days
What market is this type of auction aimed at? Everyone Investment
How much will the property sell for? Market value Undervalue
Does this method limit buyers? No Yes

As a result of this the Modern Method of Auction opens the auction market, once reserved for the professional investor or cash rich buyer up to normal residential buyers, creating a larger market place, more interest and activity than traditional auction.