Maguire Jackson

All about Auctions (and Auction+) with Maguire Jackson, Birmingham

Buying and selling property can be one of the most stressful events an individual can face. The uncertainty for buyers over the acceptance of offers, gazumping, completion date etc and the headaches faced by vendors about buyers’ commitment, ability to complete or unreasonable demands make for horrifying stories.

Buying and selling property at auction or via auction+ can help both purchaser and vendor to avoid most of the pitfalls associated with property deals because both parties must be prepared to commit on the date of the auction. Auctions are a suitable method of buying or selling all sorts of properties including flats.

The auctions

On March 20th, 2012, Birmingham estate agents Maguire Jackson will run the first of a regular series of monthly auctions of selected Birmingham property at the Motorcycle Museum, Solihull.

In collaboration with leading regional agents Robert Oulsnams and Hunters & Taylors, Maguire Jackson has secured the services of foremost auctioneer Charles Robinson and the second sale is planned for April 24th at the same venue.

Auction details

The sale will start at 4.0 pm and will include commercial, residential and further residential stock sold through the Auction+ format (see below)

Auction+

Auction + is proving to be a very popular arrangement with buyers and is an established format for selling mainstream flats and other properties. Sometimes known as the ‘soft auction’, the buyer simply puts down £3500 on the day to contract a title insured document. The balance of the deposit is then paid through the instructed lawyers within 28 days and completion follows up to a month later. The buyer does, however, have a cooling off period of 28 days within which time they can serve a withdrawal notice on the vendor if for any reason they do not wish to proceed with the purchase. In this case the buyer will lose their initial deposit.

The environment is therefore less pressured but provides certainty for buyer and seller alike.

Advantages to vendors of selling at auction or auction+

Auctions can offer certainty and a focus for selling. The market will determine the price through competitive bidding, avoiding the uncertainty that can occur when one or more valuers might be at variance on a suggested guide price.

Speed can be another positive factor when selling property at auction. Home.com states that the average UK residential property (flats, houses etc.) is on the market for 241 days, so the speedy solution provided by a sale at auction is highly effective.

• Maguire Jackson will advertise your property in Birmingham and surrounding area using the full range of media.
• You have an agreed reserve price arranged with the auctioneer beforehand. That way, your property will not be undersold.
• You receive a non-refundable deposit from the purchaser who is deemed to have bought your property once the auctioneer’s hammer has fallen on his final bid
• You can expect a speedy completion

With Auction+…

• You can be sure of a non-refundable deposit from the buyer of £3500
• You receive the balance of the deposit within 28 days from the buyer’s lawyers
• Completion must follow within one month

Benefits to buyers of purchasing a property at auction or auction+

The twin formats of auction and auction+ provide the buyer with the firm assurance that once the hammer falls, the property is theirs. Equally, there is no backing out, no gazumping, no intervention by agents and no need for conversations or further negotiations with the vendor. The process is simplicity itself

• Once the auctioneer’s hammer falls, you can be confident the property is yours
• You have a 28 day ‘cooling off’ period during which you are entitled to serve a notice of withdrawal on the vendor if you do not wish to proceed. You will, however, lose your initial deposit
• Pitfalls such as gazumping and protracted negotiations with agents or sellers are avoided
• You have a guide price range to show what the property may be expected to sell for

With Auction+…

• You don’t have to pay the full deposit immediately (although you should have identified your source of funding for this before the auction) – just £3500. You pay the balance via your lawyers within 28 days
• You receive a title insured document
• You know when completion will take place – no more than a month after you have paid your full deposit.
• There are no further negotiations on price

About our auctions

Maguire Jackson are acknowledged experts in the Birmingham property market, especially regarding commercial properties, Birmingham city centre flats and Birmingham properties in prime locations. Our expertise extends to our experience with our customers and there is no reason why your auction should not be an enjoyable occasion!

Where?

We’ve chosen the award-winning facilities provided by the Motorcycle Museum to ensure the auctions take place in comfortable, welcoming surroundings. It is easy to access with plenty of parking; just a few minutes from the NEC and Birmingham International Airport at junction 6 on the M42 it couldn’t be easier to get to by car from Birmingham, Solihull, Coventry and surrounding area.

Our customer support

• We are there to guide and advise sellers about prices, timing, and legal, financial and insurance matters regarding their property sale.
• Registration staff are welcoming and easy to talk to – they’ll be happy to advise and help you
• Our auctioneer is greatly experienced and will be happy to answer questions from buyers and sellers alike.
• We don’t believe there should be any mystique about auctions. An auction is basically a simple process accessible to everyone. We are happy to provide any necessary procedural information to buyers to give them confidence in bidding.

If you are thinking about buying or selling a property at auction, why not come along to one of our events and see how it is done! It’s the best way to learn and feel at home in the atmosphere.

Please contact our office if you would like to meet our Auctioneer Charles Robinson and discuss the possibility of putting your property into one of our auctions and for Terms and conditions relating to our auction services.

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