BENEFITS v RISKS

What are the benefits for me?

• The possibility of obtaining a higher price and an earlier sale.
• A greater certainty of selling - 60-70% on average.
• A predictable time scales so you can plan ahead with confidence.
• A much quicker sale from first marketing to completion – average time about 60 days.

What are the other benefits of selling by auction?

• We remove the risk of “fall throughs” as we do not agree sales “subject to contract”.
• We minimise the risk of buyers changing their mind, as the process is much quicker.
• When we sell before or after the auction the transaction is always immediate or very quick.
• We publicise your property over a much wider area and to far more potential buyers.

What are the risks of selling by auction?

• A wasted entry fee if we fail to sell.
• A wasted bill from your solicitor for preparing the legal pack.
• If sold the risk of a deposit cheque bouncing, although this is a very rare occurrence.

WHEN TO AUCTION

Where and when do you hold auction sales?

• We hold 8 sales a year all of which take place at the Lancashire County Cricket Club, Old Trafford.

How and when do I enter a property into an auction?

• We offer a free, no obligation appraisal to identify suitable properties and their worth.

What do I do next?

• Call the auction office to obtain a free auction appraisal - 0161 443 4740

What do I need to do?

• Once all your queries are answered, agree a guide price and a provisional reserve with us.
• Return the auction terms of business form duly signed, along with the entryfee.
• Instruct your solicitor to prepare the legal documentation pack.

The auction office will then commence marketing your property.


MARKETING

How do you advertise the property?

• We erect an auction for sale board outside the property to attract passers by.
• We print approximately 3,500 catalogues each auction, which are available online, by post or to collect from one of our 17 Edward Mellor branches. 
• Separate branch advertising is also available if previously on the market with them.
• The Auction office place advertisements in local and regional newspapers.
• All our lots are listed on at least two websites.

Who gets the auction catalogue?

• About one quarter of catalogues are distributed to our mailing list.
• A selection is distributed throughout our 17 branches.
• The rest are posted out to applicants that request one off catalogues.
• The catalogue is also available for download from our website.

AUCTION v CONVENTIONAL

How is auction different from selling normally?

• There is no subject to contract period. Your property goes from fully available to sold.
• At the auction on the fall of the hammer, contracts exchange.
• Completion is usually 28 days after the auction but you choose the period.
• Your solicitor supplies us with a legal pack in order to sell the property.
• We quote a guide (not asking) price.

COSTS

What does Edward Mellor charge me to sell by auction?

• An Entry Fee is payable, whether or not we are successful.
• A commission percentage is payable on the sale price.
• A scale of charges is available on request.

What happens if my property doesn’t sell?

• Your property can be re-entered into a subsequent auction at a reduced entryfee.

ADDITIONAL QUERIES

What are the guide price and reserve price?

• The guide price is the figure we publish to attract potential buyers.
• The guide price is agreed at the offset and is a figure both yourself and valuer are happy with.
• The reserve price is the minimum for which we can sell and it is not disclosed to the public.
• You set the reserve price with guidance from the auction team.

Can my property be sold prior to the auction date?

• We often receive offers prior to auction from interested buyers.
• We have a legal obligation to put all offers to you, unless you notify us otherwise in writing.
• We will write to you with any offers received.
• If you accept an offer prior to auction, we will still fully market your property until exchange takes place.

Can I instruct another agent as well as Edward Mellor?

• Our terms of business are strictly on a sole selling rights basis.
• Any other agent acting must be dis-instructed before you instruct us.
• A joint agency is possible but at a higher commission rate.
• If a joint agency has not been agreed from the outset then sole selling rights will apply.

What happens at the auction?

• Once your reserve price has been reached and or passed, an exchange of contracts is achieved on the fall of the auctioneer’s gavel.
• At exchange we will take a 10% deposit on your behalf with the balance due upon completion.