A vacant 2 double bedroom end of terrace house requiring refurbishment, located in a popular residential area within easy access to Colchester North Station and Colchester General Hospital. A fantastic opportunity for improvement and owner occupation, or letting investment with an estimated rent of £1,000 PCM, gross yield 6.31% PAX.
Auction date
This property is for sale by MODERN METHOD OF AUCTION (CONDITIONAL) on Friday 27th January 2023, bidding will open at 10.00 with an 8 WEEK EXCHANGE.
Registration
All bidders/potential buyers are required to register ahead of the auction date to be able to bid/buy, please visit our website to setup an online auction account.
Location
* Close to local schools and amenities * Good access to Colchester North Station and Colchester General Hospital * A12 access to Chelmsford and Ipswich
Description
* End of terrace house * 2 bedrooms * Requires refurbishment
Accommodation
Comprises:
Ground floor
Living room, dining room, kitchen
First floor
2 bedrooms, bathroom
Outside
Front and rear courtyard garden, off street parking at the rear
EPC rating
D
Tenure
Freehold with vacant possession.
Council tax band
B - Colchester Borough Council
Reservation Deposit
The buyer is required to sign a Reservation Agreement and make payment of a non-refundable Reservation Deposit of £5,000 to the Auctioneer in return for the grant of the Exclusivity Period. The Reservation Deposit forms part of the purchase price for the property.
Exclusivity Period
Exclusivity Period means the period of 56 days from the date the Reservation Deposit is received by the Auctioneer, during which the Buyer and Seller will endeavour to exchange Contracts for the Transaction. Full details and a sample copy of the Reservation Agreement and Terms and Conditions are available in the Buyer Information Pack.
Buyer Information Pack
Buyer Information Pack is a collection of documents in relation to the property. The documents may not tell you everything you need to know about the property and you are required to complete your own due diligence before bidding.
Additional fees
A buyers charge of £1,200 including VAT is payable on each lot that you buy, in addition to the sale price. Please be aware there may be other additional fees, including disbursements contained in the Reservation Agreement payable on completion. Please ensure that you check the Buyer Information Pack for each lot that you are interested in, prior to bidding.
Guide prices
Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a lot will sell for and may change at any time prior to the auction. Each lot will be offered subject to a Reserve, (a figure below which the Auctioneer cannot sell the lot during the auction) which we expect will be set within the Guide Range, or no more than 10% above a single figure Guide Price.
Pre-auction offers
These must be made in writing and will only be considered if the Buyer Information Pack has been inspected and proof of funding has been supplied to the auctioneers. Pre-auction offers are on the basis of the Reservation Agreement and Terms and Conditions.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
By setting a proxy bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your proxy bid amount. If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.
If two of more users place identical bids, the bid that was placed first takes precedence, and this includes proxy bids.
Another bidder placed an automatic proxy bid greater or equal to the bid you have just placed. You will need to bid again to stand a chance of winning.
Whether you’re looking to sell or let your property, we can provide you with a free, accurate valuation based on our expert knowledge and the latest trends in your local area.
Call 01344 753120
enquiries@firstforauctions.co.uk
