With us, you have 48 hours to secure your purchase by paying our commission fee of 2.5% plus VAT (minimum £2,500 plus VAT). You will then follow the conventional steps involved in completing a sale, just as you would with an estate agent.
No further fees will be payable to us, nor are there any deposit fees payable for the property itself.
Please note a sale on our site is subject to contract and therefore not legally binding between buyer & seller until contracts exchange. Please read our terms and conditions.
At an auction house you must pay a 10% deposit upon the fall of the gavel, the remainder 28 days later, followed by completion on the property two weeks after that.
Also at Auctions they use a Guide Price. This is normally 10%. This means that the bidding would normally start within 10% of the Reserve (Price that the vendor wants). We don’t use the words Guide Price in our terminology but typically we will start the bidding at between 15-20% lower than the reserve. Please note that if the reserve is not met then we would talk with the highest bidder to see if we can put forward their highest bid or a bid that is closer to the reserve. It would be up to the vendor whether they wish to reduce the reserve figure to secure a sale.
So if you are keen on the idea of an auction but don't like the thought of bidding in a noisy, intimidating arena, or hastily arranging your finances, you have come to the right place.
With Hammer Price Homes you can bid in your slippers from the comfort of your living room ' not that it will be a totally stress free experience. Buying in an auction is both exciting and a little scary but ultimately you will only bid on a property that you really want, at a price you are happy with.
So what have you got to lose? You may be concerned about the huge expense involved in buying a property, whatever route you decide to follow. If you buy with us, you will pay a reservation fee but could save huge sums by simply shopping around for the right solicitor and surveyor.
That leaves the matter of stamp duty to deal with. We don't have an answer for that unfortunately, but we do have a way to reduce your overall costs.
Sell your existing property with Hammer Price Homes. It's free (terms & conditions apply).