Auction FAQs

Why Shepherd?

When it comes to buying and selling commercial property, it makes sense to put your trust in experts with extensive experience and in-depth knowledge of local market dynamics. We are fully qualified RICS registered professionals specialising in commercial property with access to over 40,000 registered users targeting a local, national and international client base of purchasers. As an award winning practice, we have in the region of 1,500 commercial properties on the market ‘For Sale / To Let’ at any one time through our traditional agency practice.

What is a guide price?

This is a figure, or price range, used to give an indication to potential buyers about how much a property could be worth.

What is a reserve?

This is the confidential figure, set between the seller and the auctioneer, that bidding must reach before the auctioneer can sell the property. For a single figure guide price, the reserve cannot be more than 10% above the guide. For a guide price range, the reserve must sit within that range and not exceed its top end.

What areas do you cover?

We are located strategically throughout Scotland and our long established network of 34 offices with 11 Commercial Centres offers our clients decades of experience and expertise combined with local market knowledge. Our dedicated team of commercial surveyors are therefore best placed to advise on all types of commercial properties throughout the length and breadth of Scotland.

How much is the deposit?

For unconditional sales, the deposit payable by the successful purchaser immediately after the hammer has fallen is normally 10% of the sale price. For low value lots, this is subject to a minimum deposit figure which will be stated on the online catalogue.

Why should I buy or sell by auction?

With timescales fixed from the outset, auctions are a fast and simple way to buy and sell a property. Auctions provide a level playing field, as everyone can place their bids and the process only requires you to be the highest bidder, at or above reserve, to be successful. Auctions offer certainty, security and a straightforward hassle-free process.

If I buy a property, what do I need to pay and when?

If you are the successful bidder, you will pay the applicable deposit or reservation fee (depending on if the sale is conditional or unconditional) on the day of the auction, as well as the buyer’s fee or any other applicable charges listed in the property details. The balance of the purchase monies will be paid via your solicitor as part of the completion process. If there are any disbursements or charges listed as part of the Special Condition of Sale in the legal pack, these will also become payable on completion.

What types of commercial property are suitable for auction?

All commercial property types are suitable for auction, including offices, industrial premises, retail units, commercial investments and hospitality & leisure such as hotels, public houses and restaurants, together with land and buildings with development potential.

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Thursday 22nd February 2.30pm

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