At Hamwic, we have teamed up with whoobid to provide a slick, easy and transparent way of selling property. If you need to guarantee a sale by a specific time and/or have a property which you feel may be specifically suited to a sale by auction, we would be pleased to advise and discuss the process in more detail.
Selling at auction is often a daunting thought, but with Hamwic we are streamlining the process for you. Selling can indeed be quick and easy, you can watch the auction live from the comfort of your home and you can set a reserve so you do not have any surprises.
Also, you will pay 0% Commission to sell your property this way!
We offer two different types of online property auction, traditional and modern method. Outlined below are the two types and how they differ.
Our traditional auctions enable a property to be sold through our online platform in a way that is consistent with auctions you may have come across before: namely that exchange of contracts happens on the fall of the hammer to the winning bid over the reserve price, with completion taking place 28 days later. We have now given this a modern twist by taking the whole process online.
Modern Method Auctions
This concept is a little different. The process works in exactly the same way as the traditional auction, however at the end of the auction, the winning bidder (over the reserve price) enters into an exclusivity agreement wherein they have 28 days to exchange contracts, otherwise they lose their deposit. This approach allows more time for buyers to arrange such things as finance that are often tricky with traditional auctions.
Q: Can you still get a mortgage on an auction property?
A: Yes you can, however this is more suited to the Modern method. The Home Agency strongly advise obtaining mortgage advice prior to bidding to purchase through the auction platform.
The reservation fees will still need to be paid and are non-refundable if you fail to get finance.
Q: Why do bidders need to do an identity check and provide card details prior to placing a bid?
A: As part of our money laundering obligations we are required to check the identity of our bidders.
During the pre-bid process we take card details in readiness for the bidder winning the auction, no payment will be processed unless they are the successful bidder and in which case Whoobid will process the Auction fees as per the terms & conditions.
Q: How much will the successful bidder pay in fees on the fall of the hammer?
A: When you buy through Whoobid you pay a fee at the end of the auction in addition to the winning bid of 3% including VAT, this is subject to a minimum fee of £4,800 including VAT. This fee is paid in both the traditional and modern method auctions and is non-refundable.