Online Auctions

FG Auctions

Our dynamic online auction system is an innovative way to buy and sell property outside of the traditional auction room. With all the advantages of a conventional auction, the online platform offers so much more with a new level of flexibility to both buyers and sellers whilst retaining the transparency and certainty attributed to the auction process.

Over 90% of property purchasers start their search online, now they can buy online too.

What are online auctions?

An online auction is a relatively new, but trusted way to trade properties. Our online market place allows you to undertake a sale in a fast, certain and transparent manner. It also offers excellent value for money.

Properties are offered for sale as individual lots using sophisticated software hosted on the Fisher German website. Prospective purchasers can access properties through our website fishergerman.co.uk/current-auctions and the various other internet portals we list on.

In addition to this, properties are promoted by numerous traditional marketing methods to ensure that availability reaches the very widest target audience.

Focus

How does it work?

The appraisal

We will arrange a detailed inspection of your property and provide a carefully considered professional assessment. We will advise on the best method of sale and the optimum strategy to produce the highest price sale outcome and to meet your other objectives. We will produce comprehensive marketing recommendations including proposed guide price, promotional initiatives and details of our terms of business.

Timing

We will agree with you a marketing period and the length of the auction, typically 28 days.

The reserve

In consultation with us you set the reserve price. This can be tactically varied at any time to ensure a successful sale.

Legal preparations

As with a traditional auction, a legal pack, including searches, will be prepared ahead of the auction by your solicitor.

Flexibility

You can extend or shorten the end date of the auction at any time. A sale prior to auction can also be agreed subject to online auction conditions.

Marketing

We will implement a campaign designed to create maximum demand for your property. As with all auctions, the generation of strong competitive interest is one of our principal goals.

What are the costs?

The buyers

We will reach out to the maximum number of potential purchasers and they can view the property and have discussions with us as your agents in the normal way. They can view property information online and their professional advisors can search through legal documentation.

Verification

Buyers are substantiated when they register and anti-money laundering checks are undertaken. Payment details are obtained to confirm that they are ready to bid.

Bidding

This takes place online up to the end of your chosen time period and you can watch as offers are made and recorded live. ‘Last minute’ bids reset the timer by 5 minutes so that the bidding can continue to ensure the highest price is achieved.

Exchange

A legally binding exchange of contracts occurs where the reserve is met and the timer reaches zero. A deposit is taken on your behalf.

Completion

The buyer pays the balance of the deposit to total 10% of the purchase price by 12 noon the day following the auction. Completion of the transaction occurs after a stipulated time period to suit you, typically 28 days.

We will agree with you an agency commission for acting as auctioneers, either a flat fee or a percentage of the final sale price achieved. We will agree with you a marketing budget and any contribution to be paid by you. All accounts are subject to VAT. Everything will be clearly documented for you.

The winning buyer is charged a sum of £5,000. From this a buyers fee of £3,600 (including VAT) is retained by Fisher German as part payment of our overall fees and £1,400 is payable towards the purchase price. This does not reduce your total sale proceeds.

“What at first may look daunting is actually a very slick, refined process, perfect for vendors seeking a clear, well-structured sale and the true test of the open market”

Tom Dennes, Head of Auctions, Fisher German

What are the alternative options?

Mistakenly, some people consider auctions to be only suitable for distressed properties, but it is increasingly the most advantageous solution for so many property sales.

Properties may be vacant, tenanted, probate sales, unmortgageable or development opportunities, all are ideal for online auction. Properties may have been unsold for a long time and need a boost or could be destined for a ‘best and final offers’ finish, again suited perfectly to an online auction. Commercial, residential and rural properties are all fitting for auctions.

Traditional auctions in a public room can be daunting for some buyers and inconvenient for many. It is also very hard to predict how many people will attend a physical auction; yet with the data behind the online auction platform we can clearly advise you how many people have registered to bid.

Online auctions are designed to be more welcoming, more flexible, to encourage participation, entice well-funded buyers, stimulate bidding and achieve the highest selling price for you.

We will advise you to consider an online auction if we consider it to be the best strategy for your property sale and your circumstances. If we do not consider this to be the right approach for you we will advise a different method of sale, either traditional public auction, private treaty or tender. Our specialist agency professionals will be able to explain all the alternatives and guide you towards the best route.

With over 800 people operating from 28 offices, Fisher German has unrivalled experience in identifying

Clients have fed back to us how straight forward the process of selling by online auction is, achieving best market price in a fully transparent way” Tom Dennes, Head

If you are interested in finding out more about selling by online auction, please contact Tom on