Established in auctions for the past 26 years, Shonki Bros. Auctions have been at the forefront of the auction property market for a considerable amount of time and provide an excellent service to clients.
Our Auctions are hold regularly at the King Power Stadium, Leicester and comprise of a range of various types of property. To include Residential, Commercial, Investment Property, Repossessed Properties, Probate Properties, Building Land and many more.
WHAT ARE THE BENEFITS OF SELLING BY AUCTION?
Firstly its a quick and hassle free sale, once the hammer goes down to the successful purchaser its then an immediate exchange of contracts, whereas with an Open Market sale there is no guarantee the sale will go through. At Auctions properties are sold unconditionally and not subject to contract the successful purchaser will be required to pay a 10% deposit on the day which is non-refundable. After the exchange the purchaser will have up to six weeks to complete the sale. At Auction a Sale is a definite Sale whereas up to 30% of private treaty sales fail to complete for various reasons. Your property will receive Extensive market exposure through an Auction sale. This isn’t always the case with an Open Market sale as most agents only advertise locally whereas we can guarantee your property will receive both local and national.
HOW TO SELL AT AUCTION?
It is advisable to find a reputable Auctioneer. Again do your homework, attend their Auctions to see how they work and what kind of success rate they achieve. If you opt for Shonki Bros Auctions we will carry out a free auction appraisal on your property. Bear in mind the Value is like to be approx. 15% below market value. This doesn’t necessarily mean that it will be sold for that price as this will depend on the interest level and the subsequent reserve price set. We will put together a proposal which will include the cost of advertising, catalogue cost and selling fee.
ENTERING YOUR PROPERTY INTO AUCTION
You will need to register your property at least four weeks before the auction date (NOTE: No entry fees are required). You will then be required to sign and Authorisation form, giving the Auctioneer the authority to Market & Auction your property. A solicitor will then have to be appointed to act on your behalf (Solicitors can be offered to act on your behalf to work on a no sale no fee basis). We will then contact your solicitors requesting them to prepare the contracts of sale and carry out the appropriate searches ready for the sale. Your property will then receive maximum exposure to the internet to include, rightmove, zoopla and all the other major property portals.
HOW DO YOU BUY AT AUCTION?
If you have not attended an Auction before we suggest you go along to an Auction as it can be a little daunting to go straight in and start bidding. Once you have decided you want to buy at Auction the first step is to contact different Auctioneers and request catalogues. Identify what properties you are interested in and do your research. For instance compare sale prices of similar properties in the area so you have an idea of what the property is worth. Check with local agents so you are aware of what sort of price similar properties in the area are selling for. View the property you are interested in. We organise block viewings at all our auction properties. Inspect the property throughout as it is the potential purchaser’s responsibility to satisfy themselves as to the location, boundaries, and condition of the property.
Next you need to instruct a valuer to carry out a survey as properties are normally sold as seen unconditionally. Read all the Terms and Conditions of Sale in the catalogue. Auctioneers will have Legal Packs, containing local searches, land registry documents and contracts available for inspection. It is advisable to arrange for your solicitor to go through the Legal Pack as sometimes there are hidden costs that you may not be aware of. You then need to sort out your finances, plan ahead if you need mortgage assistance. It is advisable to arrange a mortgage in principal with a bank or building society. You could lose your deposit if the mortgage is delayed.