Category Archives: Auctions

Redstones join leading UK auctioneers Network Auctions

Redstones Auctions

Redstones Auctions

Leading Walsall based sales and letting agents, Redstones, have joined forces with UK auctioneers and NAVA auction house of the year, Network Auctions, to offer regular auction sales under the branding Redstones Network Auctions.

Redstones offer a comprehensive range of sales and letting agency services across their multi office network and by joining forces with Network Auctions are now able to offer clients a market leading auctioneering service with the benefits of local expertise and national coverage.

Redstones Network Auctions will be holding regular auction sales from their Central London auction to room at the Grosvenor House Hotel which, in conjunction with local marketing, provides sellers with access the largest market possible.

Network Auctions enjoyed a superb year at the rostrum in 2015 with sales in excess of £30 million going under auctioneer Guy Charrison’s gavel at their six London auctions.

2016 has also been very positive with four record breaking auction sales so far completed. The next auction is scheduled for 19th October.

Manjit Virdi, Director of Redstones said: “We are delighted to be joining forces with Network Auctions and look forward to providing a comprehensive auction service to clients in the Walsall and surrounding area and subsequently extending our auction service to our other network branches.

With a national network of like-minded partner agents and a London auction room, clients can be assured of maximum exposure and the best opportunities for a sale on any lot they enter into our auctions.
The experience and local knowledge of Redstones combined with the wide coverage and auctioneering expertise of Network Auctions is undoubtedly a winning combination.”

Network Auctions auctioneers Guy Charrison and Richard Worrall are highly respected practitioners and the huge databases of investors and other buyers that Network Auctions have at their disposal greatly increases the chances of a successful sale.
Toby Limbrick, Managing Director of Network Auctions added: “Redstones are a fantastic addition to our network and their expertise and knowledge of the Walsall and surrounding marketplace is a great asset to our ever growing rank of partner agents.

We very much look forward to including more lots from the Walsall area in our forthcoming auctions.”

The next auction is on 19th October at the Grosvenor House Hotel in Park Lane.

If you are thinking of disposing of a property by auction, can be contacted by email at info@redstones.co.uk or by phone at 01922 235 350

How online property auctions work

Have you ever considered buying or selling a home via a Property auction? You may be apprehensive if you’re unsure of how they work but they can sell a home fast and save you considerable sums of money. This is why many private residential home owners are considering this method of buying and selling property.

Sellers who price their property fairly will see it benefit from competitive bidding to increase the price it is eventually sold for. Also, landlords or property portfolio owners use auctions to take advantage of the ease of selling via this method.

Often properties are being sold due to bankruptcy, repossession or to clear debts, meaning that the seller may accept a discount, although prices increase when buyer out-bid each other.

Ensure that all viewings and surveys have already taken place. A homebuyers report carried out by a chartered surveyor will advise on the condition and value of the property. A mortgage will also need to be agreed in advance and a solicitor should be instructed to conduct searches and check title deeds.

The last and highest bidder is the successful buyer, who is then legally committed to paying the price bidded and completing the sale. 10% of the cost of the property must be paid upfront and the balance has to be paid in full within 28 days. Other costs include stamp duty and administrative fees.

If you are new to property auctions, the key pieces of advice from Redstones are to find out what similar properties in the area have fetched first and make sure you observe at least one auction before bidding, to gain some valuable experience.

Consider cheaper properties and unsold lots that the vendor will be keen to sell, which you may be able to buy with a lower offer. Always ensure you have a mortgage offer in place before going to an auction too, to complete your application in time.

Finally, our biggest piece of advice is to have a budget and stick to it! Don’t go above your price limit as it can create problems for you later on. However, there’s no doubt that property auctions are advantageous for both buyers and sellers, so we would strongly urge you to give them a try.

Find out more about property auctions at Redstones, through our auction site.

 

Should You Sell Your Property At Auction?

If you’re thinking of selling your property have you considered selling via auction? At Redstones, we offer this facility to all of our clients. It offers a straightforward solution with no estate agency fees to pay and the buyer secures the sale through paying the deposit.

Here we consider some of the reasons for selling at auction and the types of methods available.

Why sell your property at auction?

Selling at auction offers a number of advantages:-

  • In most cases you gain the optimum price for your property which can be higher than selling through an estate agent.
  • Unforeseen legal issues that arise during a ‘conventional’ purchase are avoided.
  • You know that the contract is legally binding the moment the hammer falls at the auction.
  • You aren’t caught up in a sales ‘chain’.

Reasons for selling at auction

Certain properties are more suitable for sale at auction than others, for instance:-

  • A run down property that will need considerable investment and renovation.
  • An unconventional or unique property which can’t always be categorised. For these properties, auctions are ideal as they determine the market price for the seller.
  • A property that is difficult to sell due to location, for example.
  • The need for a quick sale due to a change in personal or financial circumstances.

Before reaching auction

Before your property is placed for auction, you must agree your reserve price. This is a vital part of the process as you are indicating the minimum acceptable price you will accept for the sale of your property. You cannot change your mind once the auction begins.

At Redstones, we have extensive experience at selling property through auction and provide guidance on this matter.

When preparing your property for auction we recommend you treat it as a ‘normal’ house sale and ensure it is presented as well as possible to encourage potential buyers to make a bid during the auction process.

Modern or traditional method?

There are two methods available for selling property at auction and at Redstones we offer both:-

Traditional method of auction : This requires a legal exchange of contracts immediately after the auction has finished and is more suitable for property which has been repossessed or for commercial investments.

Modern auction method : The majority of our clients selling at auction use the Modern (or ‘Conditional’ Auction Method. For both sellers and buyers it is more user friendly, offering a longer period for exchange and completion to take place. The modern method of auction is recommended by Redstones.  It is also closer in the process to a more traditional property purchase. On agreeing to buy, the purchaser pays a non-refundable reservation fee to secure the property. They then have 28 days to exchange contracts and a further 28 days for completion to take place.

Selling your property by auction doesn’t need to be a daunting experience. With the right advice and guidance, it offers a viable way for residential property owners to sell quickly, at an optimum price.

If you are thinking about selling your property contact Redstones today for advice on the most appropriate way forward for your unique circumstances.

For more information on the methods of selling by auction, please visit our website.

Manjit Virdi

My thoughts, why blog, why I set up Redstones?

Landlord, Letting Agent,Property Expert,  Managing Director of Redstones Property and Redstones Franchise.

My path into the estate agency/lettings market has been far from straightforward.  After graduating from Wolverhampton University with a degree in IT and software, I took up my first position with energy giants Eon working in software development.  While I enjoyed my time with Eon, the allure of running my own business proved too much to resist.

In 2000 I made my initial steps into the property market investing in my first ‘buy to let’ properties working with a lettings agent to locate a suitable tenant and manage the property while I continued to expand my property portfolio.  My decision to set up Redstones evolved directly from my disappointing experience with lettings agents. Whenever a problem arose with my first property my tenant called me directly, although I was paying a management fee ostensibly to avoid these issues.

Realising that the market that was crying out for better customer service, I decided to manage my own portfolio, eventually offering a property management service to family and friends.

Finally, in 2003, I launched Redstones to fill the yawning gap in the market for a reputable lettings agency and I’ve never looked back. Seven years later, we launched our first high street outlet offering a customer focused service covering residential sales, lettings, property management and auctions. Building on our successful foundations in the residential market, we’ve recently extended our service into the commercial sales and lettings sector.

Click here to view the first flagship office  http://www.redstones.co.uk/office-locations/walsall

Having personally established a track record which demonstrates my expertise in the property market over a number of years, 2014 seemed the perfect time to launch my blog.

My aims with this blog are:-

  • To offer a ‘go-to’ source of advice and guidance for property owners and landlords in what can be a stressful market sector. 
  • Provide insight into the Redstones brand for potential franchisees and entrepreneurs exploring the world of franchising.

My vision has always been to establish a national network of offices trading under the Redstones banner and franchising offers the most natural route to achieve this.  A Redstones franchise gives ambitious entrepreneurs the opportunity to develop a successful business within a respected network.

As we build on our reputation and expand our client base we look forward to welcoming new franchisees into our network and continuing to offer our clients a superlative property sales and lettings experience.