Auctions - A New Way to Sell
Urban Estates have partnered with the UK’s Biggest Auctioneers - Auction House - offering our clients a more diverse way of buying & Selling property.
Although we do not have a sales department we feel this added service is a great opportunity for landlords and investors to buy and sell properties. We have become Joint Auctioneer Partners (JAP), specialising in residential, commercial and investment properties.
If you have a property that requires a more specialist approach, Urban Estates would be happy to discuss the benefits of selling via auction and will guide you through this process. Even if you are unfamiliar with auctions and how they work, we can take you step-by-step. Selling by auction is easier than most people think, and prices achieved are usually higher than expected.
Why Sell Via Auction?
Quick Completion (Usually 4-6 weeks)
Demonstrates “Best Price” For 'Difficult' Properties
High Profile Marketing
Open House Viewings
Selling Opportunities Prior To, During & After (Under Auction Rules)
Financing Your Purchase Of An Auction Property
More and more auction buyers are turning to specialist sources of finance to assist with their purchase, and improvements and further works needed for the properties they buy. Most traditional lenders no longer fund small scale property refurbishment, following lending policy reviews and revisions to their lending criteria.
These changes have caused regular auction buyers to revise their arrangements and seek alternatives. Urban Estates/Auction House has teamed up with two leading bridging finance lenders who can make available quick turnaround funds for auction.
Purchasers can be agreed before, during or after the auction so the necessary finance is available in time for completion.
Bridging Finance is a short term loan taken out by people to buy a property in advance of securing long term finance. It is offered by specialist lenders usually from their own funds and secured as a first charge on the property being purchased. The two lenders that Urban Estates/Auction House work closely with are Auction Finance Limited and Bridging Finance Solutions Limited.
You will be assigned a professional and experienced adviser to handle the process and all of your requirements from initial enquiry right through to loan completion.
Fast Decisions With Funds In 7 Days
They aim to provide a full decision in principle on the same day as they receive your enquiry, along with fully detailed terms for the particular loan. For a willing client with a supportive solicitor they can normally complete and provide within a week from initial enquiry.
Flexible Loan Terms And Market Leading Rates
Each loan is assessed on its individual merits and can be tailored to meet specific requirements. Their overall fee packages are competitive in the market and all terms will be detailed on their offer letters.
Easy To Follow Step-By-Step Process
For most borrowers the process starts before auction day with the completion of an Application Form - you can do this by ringing one of our specialist advisers. You can apply for specialist lending post auction if you are successful as there should still be time to complete within the 28 days completion period. A 7-10 day turnaround is normal but it can be faster if needs must.
Bridging Finance Solutions or Auction Finance can give you an 'in principle' answer on the same day as your application is received, which will be based on your indication of the property's value. The lender will confirm the terms and provide you with a written Loan Illustration and a seven working day period for acceptance.
Simply sign and return the acceptance authorising the lender to instruct a paid valuation of the property; this will advise on its suitability as security for the required borrowing facilities. If time permits you can choose to have the valuation prior to auction, or wait until after you have been successful in the auction room.
After a successful valuation the lender will write to you with a Formal Offer of Finance. After written acceptance is received from you they will reserve the funds for your purchase.
They will liaise with your solicitor from successful bid through to legal completion of your purchase, provide all the legal documents required for release of funds and to secure a First Charge over the property.
The last step is to prepare for the long term financing of the property after improvements have been made, or it has been let. We suggest that you embark on this process as soon as you are able. Flower will endeavour to assist in this process if required.
Please visit our Auction House page or call Urban Estates on 01474 532 723 to discuss your property and arrange for our specialist auctioneer to contact you.