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Property Auction
Gregory & Main have teamed up with Whoobid to provide a slick, easy and transparent way of selling your property via ‘Online Auction’.
You might have a house or flat, commercial property or even a plot of land that you need to sell. If you need a quick sale by a specific time and/or have a property which you feel may be suited to a sale by auction, we would be pleased to advise and discuss the process in more detail.
"Get Moving and Sell
Quicker via Auction"
Reasons why you may need to sell your property via auction.
- Cost: You will be charged 0% commission for selling your property via online Auction with Gregory & Main / Whoobid. The only cost to you will be the legal pack.
- Personal Reasons: Number of reasons for a quick sale could include; facing repossession, ill health, separation, job loss, emigration, relocation, downsizing, release equity.
- Inherited and Probate Properties:Maybe your property is in a poor condition and multiple beneficiaries are involved. You might need the best price, a fast sale and a transparent process.
- Financial Reasons: Sometimes speed and certainty of sale are really important an a necessary requirement to save the day. Setting a reserve price is a huge comfort.
- Realistic Market Value: Competition between all buyers in the market place ensures you get the best price for your property throughout the auction process.
- Certainty: Selling by auction provides you with peace of mind as you are able to set a minimum reserve price within a fixed period of time.
- Speed: Selling by auction is the fastest way to sell your property. Once the hammer falls on the agreed sale price, completion will take up to 28 Days via the Traditional route or up to 58 Days via the Modern route.
- Buy to Let: Plenty of buy to let properties are bought and sold via auction. Its quick,easy and existing tenants can stay in the property.
- Marketing: Your property will be advertised for auction via the UK’s leading property portals, such as Rightmove, Zoopla, Primelocation, OnTheMarket and via our social media platforms. This is to enable maximum exposure to potential buyers.
Why sell @ Auction?
Gregory and Main, offers you all the help you’ll ever need to sell you property via Auction through our partnership with Whoobid. It’s a simple and easy process.
- 0% Commission for you to pay as a seller.
- Solicitor Auction Pack is all that you will need to have in place: Residential £299 / Commercial £399.
- Drive competition getting you the best price.
- Only serious & committed buyers.
- Simplify and shorten the legal process.
- Tailored marketing strategy to meet your individual needs and property.
- Structured block-viewings at your convenience.
- Flexibility to choose when your property sells.
- Lower guide price to boost interest and drive competition.
- Comfort of setting a reserve.
Buying @ Auction
Before the Auction
- Find an Auction property via Gregory and Main.
- View the property either in person or online.
- Go to www.whoobid.co.uk & create account.
- Download the auction pack and give it to your solicitor.
- Make sure you can secure finance if needed.
To Bid
- Upload verified ID on the ID tab.
- Upload your card info on the payment tab – You need to do this so you can pay the fees and have the property committed to you as soon as the hammer falls.
- Make sure your solicitor’s information is uploaded and your solicitor is aware you are aiming to win a property at auction.
- Make sure the details on your account are correct with names of all buyers added.
During the Auction
- Look at the starting bid and consider your maximum bid.
- When you bid, your bid will automatically be increased by £500 from the starting bid until you hit your maximum . If you are outbid you can bid again with a new maximum.
- You can only bid during the 3 hour auction window.
- Upon winning and auction, fees will be payable & are in addition to the purchase price. We will then be in touch to discuss the next steps.
Types of Auction?
We offer two different types of online property auction, traditional and modern method. Outlined below are the two types and how they differ.
Traditional Auction
Our traditional auctions enable a property to be sold through our online platform in a way that is consistent with auctions you may have come across before: namely that exchange of contracts happens on the fall of the hammer to the winning bid over the reserve price, with completion taking place 28 days later. We have now given this a modern twist by putting the whole process online.
Modern Method Auction
This concept is a little different. The process works in exactly the same way as the traditional auction, however at the end of the auction, the winning bidder (over the reserve price) enters into an exclusivity agreement wherein they have 28 days to exchange contracts, otherwise they lose their deposit. This approach allows more time for buyers to arrange such things as finance that are often tricky with traditional auctions.
Frequently Asked Questions?
Whoobid is an online property auctioning platform for estate agents to advertise and auction their properties giving potential buyers a stress-free, simple method of purchase. Every party in the process benefits from transparency and security.
Please look on the ‘Types of Auction’ tab under the ‘Property Auction’ tab at the top of the page for a detailed answer.
As part of our money laundering obligations we are required to check the identity of our bidders. During the pre-bid process we take card details in readiness for you winning the auction, no payment will be processed unless you are the successful bidder and in which case whoobid will process the Auction fees as per the terms & conditions.
When you buy through whoobid you pay a fee at the end of the auction in addition to the winning bid of 3% inc. VAT, this is subject to a minimum fee of £4,800 inc. VAT. This fee is paid in both the traditional and modern method auctions and is non-refundable.
If you are the successful bidder then you will be given the account details for the sellers solicitors, your 10% will be paid directly to them. Whoobid does not hold any client money on account.
You can view the auction pack with all the legal documents on your chosen property listing under the ‘Documents’ tab, under the property images. Please be advised that these are uploaded as and when they are available and you will need to be registered with whoobid to download them.
Here at whoobid we are committed to security and we need to meet money laundering guidelines and obligations, identity checks are a requirement of the house buying process.