ONLINE AUCTIONS BROCHURE SP

BUYINGOR SELLING PROPERTY BY BROWN&COONLINE AUCTION

A guide to understanding the online auction process and howwe help you achieve successwhether buying or selling property by Brown&CoOnline Auctions

1.Exclusive Period toBuy Conditional online auction provides you, as the buyer, the opportunity to gain the exclusive right to proceed uncontested in the acquisition of a property that you desire. This period of exclusivity is for a defined period of 28 days and allows you time to exchange legal contracts. 2. Certainty of Success If you are thewinning bidder you avoid the risk of being gazumped during your period if exclusivity, if the seller changes theirmind to sell during your period of exclusivity youwill receive your ReservationDeposit back in full. 3. Speed If youwant to buy a property via our online auction the process is quick and easy. The auction is run over a typical three to four-week period, this provides the opportunity for you to viewand undertake initial due diligence having. If you are the successful bidder youwill have 20 businessworking days to exchange contracts. 4. Property Types toBuy Online Conditional Auction is relevant in enabling the fast sale of mortgageable condition houses, flats and bungalows. The property types are typically of conventional construction and ideally vacant, tenanted or owner occupied. 5. NoHidden Surprises At Brown&Cowe pride ourselves on transactional transparency and clearly set out terms, conditions and costs associatedwith your purchase, so you can be confident when budgeting. 6. Level Playing Field Everyone has a fair chance at Online Auction, you control your destiny via the open bidding system fromthe comfort of your armchair. Online ‘Conditional’ Auction, here we have listed our top sixmost compelling reasons to purchase a property online. BUYINGPROPERTY WITHBROWN&CO ONLINEAUCTIONS There are several benefits to buying by

AGUIDE TOBIDDING The Brown&CoOnline Auction system is powered by the market leading EI Group Auction platform. Bidding for properties onlineworks in a similar fashion to ‘eBay’. You can place bids using your desktop PC, laptop, tablet or smartphone and theminimumamount you bid is defined by the ‘bid increment’ level. When you place a bid, the property listing pagewill show you if your bidwas successful andwhether you are the highest bidder. When you are the highest bidder on a property, if another bidder out bids you the systemwill notify you by email so that you can place another bid if youwish. Themajor difference from ‘eBay’ is that our online auction timed auction platforms eradicates sudden death ‘bid snipping’ using auction ‘extension times’. AUCTION ‘EXTENSION TIME’ Unlike ‘eBay’, the online bidding systemremoves the possibility of ‘bid sniping’, whereby bidderswould often place a bid in the dying seconds of an auction in the knowledge that other bidderswould not have time to counter-bid. In our system, when an auction reaches its conclusion the systemwill automatically extend the auction’s end time by a pre-determined duration (typically around 60 seconds). If any further bids are placed during this ‘extension time’, the systemwill continue to extend the auction, thus giving every bidder the opportunity to place a bid. The auctionwill duly finishwhen no additional bids are placedwithin an extension time. The length of time that an auctionwill extend by is set by the auctioneer and can vary for each property. BID INCREMENT LEVELS Bid increments are defined by our auctioneer and can vary depending on the value of the current bid (usually the bid increment will increase as the current bid increases, at pre-determined levels).

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SELLINGPROPERTY WITHBROWN&CO ONLINEAUCTIONS Understanding the types of Auction - Conditional Auction V’s Traditional Unconditional Auction Conditional Auction is a ‘bid-up’ approach to selling residential property as opposed to Private Treaty, which is ‘discount- down’ method, commonly used by the estate agents. The latter aims to find the one right buyer, as opposed to the former, which establishes the best price and best buyer after a short defined period of competitive auction bidding. Auctions are individual lot-based ‘eBay’ style as opposed to amulti-lot public auction event-based approach that is the norm for Traditional INRoomauctioneers. The conditional auction approachmakes the property available to a wider buyer pool, allowing buyers requiringmain-stream residential mortgage finance to buy. Unconditional (Traditional Auction) Traditional unconditional auction provides a greater degree of certainty over Online Conditional Auction, as the traditional public auction process has the buyer under binding contract at the fall of the hammer (gavel). The buyer is required to pay over 10%of the purchase price immediately and typically contract completion is scheduled for 28 days. Unconditional auction is normally restricted to cash buyers or those needing finance, this is sourced via specialist short term lenders and not mortgage funders as can be the case with conditional auctioneering. At Brown&Co we can help you decide which route is most appropriate for you and your property. Property Types for Online Auction Sale Our online auction platform is aimed at selling conventionally constructedmortgageable condition residential flats, houses and bungalows. Residential properties that are vacant, tenanted or owner occupied, whereby vendors are not dependent upon a related purchase, are suitable for online auction. Online Conditional Auction (ModernMethodof Auction)

There aremany good reasons for choosing to sell your property by Online Conditional Auction and it is by understanding these that you can establish if Online Auction is right for your property. 1. InteractiveOnline Auction System We know thatmany buyers nowuse the internet to search for a newproperty and our interactive online timed auction platformtakes advantage of this. It captures buyer interest and transparently creates bidder interest tomaximise your sale price. 2. Speed If you want to sell a property via our online auction the process is quick and easy. The auction is run over a fixed time, typically three to four weeks. The winning bidder the acquires an exclusive ‘Option to Buy’ providing themwith a period of 20 business working days to exchange contracts. Contract completion is typically 20 business working days after exchange or sooner with your consent. 3. Legal &Binding When the auction concludes your buyer pays over a Reservation Deposit, in the unlikely event your buyer fails to exchange contracts they risk forfeiting their deposit, this ensures buyers Your property will be advertised intensively online via property portals such as Rightmove, Onthemarket.comand our own Brown&Co website, additionally it will be proactively promoted to a target database of local, regional and national buyers. All our marketing activity is geared tomaximise the buyer pool. 5. OpenHouse Viewing Sessions We will set up Open House viewing sessions for your property. Each is hosted by amember of our auctions teamwho talk knowledgeably about the potential your property offers and answer all manner of questions fromprospective buyers. All pre-auction offers will be notified to you and you retain the right to accept early offers. 6. CompetitiveBidding Our aim is to generate as much buyer interest in your property as possible and generatemaximum interest to bid. Themore bidders the better as this creates a competitive bidding environment thus leading to our goal in achieving the very best price for your property. focus on getting the sale to legal contract stage. 4. Higher ProfileMarketing

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1. SeekingAdvice Following your enquiry to us, one of our auctioneers will initially provide a desktop evaluation and provide opinion on an auction pricing strategy. If you are in agreement the auctioneer will then arranged an onsite inspection of the property and then advise you on the best method of auction sale. If it is sale by Online Auction, we will provide you with Reserve and Guide price recommendations, talk you through the process and help you decide on the appropriate way forward. The Reserve price is the price under which the property will not sell and you decide this with guidance from the auctioneer. 2. Instruction to Sell We will confirmour terms of appointment in writing and will not take any action until you have agreed and signed these in accordance with Consumer Protection Regulations. 3. Property Details Approved We submit to you the electronic property details we have prepared for your approval. 4. EffectiveMarketingCampaign Your property will be proactivelymarketed via Brown&Co and online property portals, Rightmove, Onthemarket.com, Zoopla our own website at brown-co.com Selling a property by online auction is easy and the prices we achieve are in-line with those that can be expected by Private Treaty Sales. Here are some key steps to success: SELLINGSTEPS TOONLINE AUCTIONSUCCESS

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5. Viewing&OpenHouse Sessions We organise set Open House viewing sessions at all properties that require access and have an experienced and well briefedmember of the Brown&Co teampresent to provide guidance and ascertain interest from viewing buyers. Open House viewing sessions are well advertised, highly effective, much valued by prospective auction buyers as well as generating competitive interest in your property. 6. Reserve We gauge interest and likely bid levels at Open House viewing sessions and by discussion with prospective buyers. We agree a Reserve Price at the start of the auction, which remains confidential between you and us as the auctioneer. 7. Your Property Goes LiveOnline Marketing will generally be for a period of two to three weeks followed by a five day bidding period after which the timed auction will close providing sixty second extensions, allowing final bidding, until the highest bid stands uncontested. The process ensures the best price is achieved Your Solicitors will handle the process thereafter. We will supply themwith a Memorandumof Sale, by email, and hand over, upon exchange of contracts, deposit monies deducting agreed sale costs. You will need to: • Provide vacant possession on completion, unless the property has been sold tenanted. • Make arrangements for key release. by us on your behalf. 8. Completion

• Cancel your service supplies, insurance, etc. 9. Brown&Co Additional Help?

Whether you need help with other disposals, valuation appraisal advice on other properties or want to use the sale proceeds to purchase another property, we would be only to please to assist. If you have been pleased with our service and the result of your sale, we kindly ask that you recommend us to others and post a Google Review.

FOR FURTHERADVICE OR INFORMATIONPLEASE CONTACT: Martin Cunningham | Divisional Partner, Property Auctions T: 01603 629871 | M: 07825 316385 | E: martin.cunningham@brown-co.com

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