If you intend to sell your house in Edison, NJ at auction, you will have to get the house ready and registered at least six weeks before the auction date. All your particulars and searches need to be ready before the auction well before that date as well.
The auctioneers will give you all the information about when the auction date is going to be and viewing times, also a closing date for entry of your property. All of your searches and details have to go in before these dates. the guide price has to be discussed with the auctioneer.
The guide gives prospective buyers the amount you are likely to take for the house.You will also have to set a reserve price so if market conditions change dramatically you choose not to sell. The reserve price is known by you the seller and the auctioneer only.
Once the reserve price has been set the a solicitor needs to be engaged straight away. Auction houses complete quickly so your solicitor has to be ready to act. The solicitor has to also get the title deeds ready and lease agreements if there are any.
Some auctioneers may ask for searches to be done as well as some buyers can insist on seeing all this information at or before the auction day. The auctioneer arranges viewings and may arrange them at group lots or certain open days, particularly if the property is vacant.
Expect interested parties would probably want to carry out a survey, so make sure the surveyor can gain access to your property. If you successfully sell your property at auction, the auctioneer will sign a contract on your behalf in the sales room and take a deposit from the buyer of 10% of the purchase price.
At this stage the sale is binding and neither party can withdraw without financial penalty. you may find sometimes the reserve price is not met. you have the option to either sell at the lower price to that bidder or resell it again by another method.
The rough cost of selling at auction is 2% of the asking price. There may also be an entry fee for actually putting your house into the auction. This cost covers such things as initial inspection and putting the property into the catalogue. The advantage of auctions can be that you get your property sold quicker.