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Published on : March 11, 2019 11:27

auction valuer, Aaron Wade

Ask the experts | Q&A with auction valuer, Aaron Wade

A bit about me!

Hi there, I’m Aaron and I have over 15 years’ experience in residential valuing and Auctioneering. I wanted to take some time to answer a selection of the questions I get asked most frequently about all things auction.

Hopefully, one of yours will be answered below, don’t worry if not, you can get in touch with me directly here [email protected].

How does a property auction work?

Properties are valued and then brought on to the market.

We arrange and conduct viewings in the same way you’d expect from an Estate Agent, in the build-up to the Auction. On the day it’s over to our Auctioneer!

They will work with all the interested people on the day in the room or via telephone to get the sale at the best possible price.

Why sell at auction?

If you’re looking to get a fair price for your property and a quick sale, as most sales are completed in just 28 days; auction is a great option for you.

The future of selling your home

What are the top 5 advantages of selling at auction with Edward Mellor?

  • Price – always receive a fair price.
  • Speed – sell your property fast.
  • Control – you make your own decisions.
  • Opportunity – you can sell your property before, on the day or after the auction.
  • Exposure – bespoke, online advertising and access to a huge database of active buyers.

Tips for beginners

  • Read the legal pack or seek professional advice from a solicitor if you’re unsure before bidding.
  • Have the property looked at before the auction by a Royal Institute of Chartered Surveyors (RICS) registered surveyor. We can arrange this for you.
  • Ensure all your buying funds are in place.
  • Work out your budget before the auction, set your own buying price and stick to it.

How often does the auction run?

We hold eight auctions a year at The Sheridan Suite in Manchester.

There’s ample parking, a great space for bidders and spectators alike and our professional team of experts are always on hand for all your needs throughout the day.

March Property Auction

What types of people usually buy at auction?

All buyers are welcome to come and buy at auction! Usually, mortgage buyers will struggle to purchase a property at auction due to the time it takes to get a mortgage offer through from the banks.

If you want to purchase a property at auction and require further funding the preferred option is to use short-term lending. Together Finance offer great rates and are always in attendance at our auction, supporting our buyers.

How do I know if my property will sell at auction?

Your auction valuer will be able to guide the whole process of selling your property on your free market appraisal. They’ll do this by helping you to set a realistic reserve; this will increase your chances of a quick sale!

Is auction just for run-down houses?

No, absolutely not! We are successfully selling properties in all types of condition.

Take Heaton Road, Heaton Moor for example:

Heaton Road Property Auction

Guide: £160,000
SOLD: £180,000

Can a buyer change their mind and pull out of a sale?

When the hammer falls, an unconditional exchange of contracts takes place.

The buyer pays a non-refundable deposit of 10% which is forfeited if they don’t complete.

If I sell after the auction, do I still have the same control and assurances of the property selling at the auction?

Yes! All sales that are agreed before or after the auction are agreed under ‘Auction Terms’. You’re in control at all times to agree or decline these offers.

Selling at auction myths busted!

The biggest myth about selling at auction is that you’ll get less money for your property. This simply isn’t the case!

We advertise all our auction properties on the major property portals like Rightmove and Zoopla etc. This means you’re getting maximum exposure to potential buyers and in turn, a better price for your property.

Windsor Court, Sale

Windsor Court

Marketed for six months with a local agent at £130,000

No interest

Came to auction with a guide of £98,000

Three weeks later – Sold at auction for £129,000

What happens if my property doesn’t sell?

Don’t panic! We have a dedicated team working on our after sales process.

The auction consultant working on your property will call you to discuss all the options. The consultant will seek out all the previous interested parties to broker a deal.

What can I do if I can’t make the day of the Auction but want to bid?

If you can’t make the day of the auction, we can still help! You can lodge a ‘Proxy’ or ‘Telephone Bid’ on all our properties. Get in touch with me directly [email protected] to see what we can do for you.

What does exchange of contracts mean?

This is a legal term used when the buyer puts a formal, binding agreement to the seller. At auction, you will be expected to lodge 10% of the purchase price of the property when you exchange contracts.

This is a non-refundable deposit so it’s important to be sure at this stage that the property is the right one for you.

Financial Services

Do you have people I can speak to about my lending options?

Yes! At Edward Mellor, we have a fully regulated financial services division ready to offer advice on all types of lending, including bridging finance.

What is bridging finance?

Bridging finance is a faster way of borrowing money to enable you to buy at auction. Like a bridge in the real world, people use this option to cover the ‘gap’, before a normal mortgage can be obtained.

If you’d like to find out more about selling your property at auction, get in touch with our team today. Call 0161 443 4740, email [email protected] or fill in the contact form below.

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