Wirral Property Auctions & Liverpool Property Auctions
Why are property auctions becoming so popular in the Wirral and Liverpool? WRB Auctions have seen how people's perceptions of property auctions have changed over the years. Even more so with the way Covid has changed the property market, with timescales increasing to the longest they have ever been to complete a sale by private treaty through a local estate agent. With the benefit of either a 28/56 day completion deadline set to complete on the fall of the auction hammer. You can see in times of uncertainty why selling your Wirral or Liverpool property by auction can be the fastest and most secure way to sell.
Selling your Wirral - Liverpool Property at Auction
Many Wirral and Liverpool property sellers are choosing the auction route to sell their properties as the first method of sale, rather than it being the last resort like it was many years ago. With completion deadlines agreed before the auction, you can as a seller know when the property will be sold and the money in your account.
*Frequently asked questions when selling your property by auction *
What is a reserve price?
A reserve price is a price stated as the lowest acceptable figure by the seller. This figure is confidential between the seller and auctioneer.
Is the guide price the same as the reserve price?
No, not always. The guide price can be anywhere within 10% below your reserve price.
How much will it cost to sell my property at auction?
The only fees to pay for a seller with WRB Auctions are for the auction pack and conveyancing costs, auction pack costs typically cost between £350 to £500. With conveyancing costs on average between £450 - £750
Buying a Wirral - Liverpool Property at Auction
Buying a property by auction is never been as easy. With most auctions being held online, you can buy your next property from the comfort of your own home. We have seen an increase in buyers, who would never normally enter an auction room and buy a Wirral or Liverpool property at auction. Feel confident and happy to do so with the newly live-streamed online auction method.
*Frequently asked questions when buying property by auction*
Can I view the property?
Yes, we allow viewings on most of our auction listings. We also have a Youtube walkthrough video for all our properties so you can watch the video before booking your viewing.
How do I register to bid before the auction?
You will need to fill out a simple form ahead of the auction date, we will check and verify your ID and receive your method of payment so your deposit and auctions fees can be paid if you are the successful bidder.
How can I view the legal pack and contract before the auction?
These are available to view on each property listing on our website and are uploaded as and when we receive them from the appointed solicitor. If the legal pack has not yet been received when you click to view it, you should register your details to then receive an alert when it is uploaded.
Can I make an offer prior to the auction?
Yes, some sellers will consider selling prior to the auction but only on the condition that an unconditional contract is exchanged or a reservation fee is paid before the auction.
If I am a successful bidder, how much deposit do I need to pay?
This is dependent on the method of sale of the lot you’re purchasing. If it’s unconditional with a fixed fee sale then this will be 10%, while for unconditional variable fee lots this will be 5%, subject to a minimum of £5,000. Please read the legal pack and check the special conditions.
Are they any other fees to pay?
Yes, and these vary depending on the method of sale associated with the property. These are listed below – please note the reservation fee does not contribute towards the purchase price
Unconditional with Variable Fee: On the fall of the hammer, the successful bidder will be legally bound to purchase the property. The successful bidder must immediately exchange contracts, pay a 5% deposit (subject to a minimum of £5,000) along with a non-refundable Buyer’s Fee of either 4.8% of the final sale price of the property up to and including £250,000, or 3.6% if the final sale price is over £250,000. The Buyer’s Fee is subject to a minimum of £6,000. Completion must take place usually within 20 business days unless the Special Conditions of Sale state otherwise.
Conditional with Reservation Fee: On the fall of the hammer, the successful bidder will enter into a Reservation Agreement with the seller and be granted an exclusivity period of 40 business days to purchase the property (unless the Special Conditions of Sale specify a different timescale). The successful bidder must use the exclusivity period to proceed to the exchange of contracts and complete the purchase. On the fall of the hammer, the successful bidder must immediately pay a non-refundable Reservation Fee of 4.8% of the final sale price of the property up to and including £250,000, or 3.6% if the final sale price is over £250,000. The Reservation Fee is subject to a minimum of £6,000.
If I am a successful bidder when do I have to complete the purchase and pay the balance monies?
The normal completion period for an unconditional sale is 20 business days after the sale and 40 business days for a conditional sale, although you should inspect the legal pack to confirm this as the Special Conditions of Sale may state otherwise.
If I do not complete the sale are there any penalties?
Yes, firstly you will lose your deposit and buyers or reservation fee (whichever is applicable to the lot in question). Furthermore, the seller may sue you for the balance owed and any further losses caused.