Selling Property at Auction
Auctioneers start lower to reach a higher selling price – unlike estate agents who start high and end up low!
UK Auction List will help you to sell your property through auction by advertising it on UK Auction List.com and on both the websites and within the printed catalogues produced by our nationwide auctioneer partners.
Click here to complete the Property Auction Enquiry Form Or call 0845 053 6906
HOW IT WORKS:
- Property Appraisal
You can receive a free, no obligation auction appraisal of your property. Our auction partner will advise you whether they think your property is suitable for sale by auction or not. - Reserve price & Guide price
A guide price will be recommended, which you will need to approve before marketing begins. It is important to set the guide at a realistic selling price which is attractive to buyers. This will generate competitive bidding in the auction room, and ensure that the best price is achieved. - Formally Instruct Us
After agreeing on both a suitable guide price for your property and the commission fee for selling your property, you will receive an auction agreement which you will sign and return. - Catalogue Entry Fee
There is a fee to cover the inspection of the property, marketing and catalogue production costs. The fee will depend on how much space is taken in the catalogue for advertising the sale of the property. Entry fees range from £250 to £450 + vat. - Commission
If your property is successfully auctioned, a commission is charged, which is generally 1-2% + VAT depending on the value of the property. - Sale Particulars & Legal Packs
Draft sale particulars will be sent to you for approval and/or amendments. At the same time your solicitors will be instructed to prepare a legal pack containing special conditions of sale, title documents, leases (where applicable), searches, planning documentation and office copy entries so that they are ready for dispatch to interested parties. - Catalogues
The catalogue details all the lots that will be offered in the next sale and includes colour photographs of each property. The catalogue is distributed to those who request a copy as well as being available on the websites. - Marketing
In addition to featuring your property on-line, a printed catalogue will be mailed to several thousand people, targeting individuals who have previously expressed an interest in similar properties for sale, as well as adjacent occupiers, local agents, local developers, builders, and property companies. On the advertising side, your property will be featured in the key property publications, as well as appearing in local newspapers. - Viewings
Where applicable regular viewings of your property will be carried out at pre-arranged times. These viewing times will be published in the catalogue. - Legal Packs
The legal pack will need to be made available through your solicitor. Buyers can receive documents by post if they so request. - Interest and Offers
During the marketing period, all interest and enquiries are logged. Our auction experts will maintain close contact with potential buyers and liaise with you throughout as well as reporting any offers made prior to the sale. - Reserve price
Prior to selling your property at auction, a reserve price will be agreed with you.. This is the level below which the auctioneer will not be authorised to sell. It is important that the reserve price is set at a realistically achievable level. - The Auction Day Itself
For vendors it is important to note that the fall of the hammer represents an exchange of contracts and the successful bidder is legally obliged to pay a deposit, usually 10% of the purchase price, and sign a memorandum of sale before leaving the room. The buyer has purchased your property at the final bid price. They can not renegotiate and can not change any of the terms stipulated. Completion usually occurs 20 working days after the auction when the balance of the price is payable. The deposit funds are then paid to you less our fees. The atmosphere of the room can be extremely exciting and competitive. The prices achieved at auction can often be higher than those achieved by private treaty, i.e. through an estate agent. - What happens if the property does not sell on the day?
If your property fails to reach its reserve price at the auction, someone may still wish to buy it. You will need to decide whether to accept any subsequent offer and advise us accordingly. The property may even be sold in the days or weeks after the sale as we continue to market the property. It is quite common for an unsold property to sell within an hour of the auction ending as potential buyers may have simply been delayed etc.
You are of course more than welcome to attend the actual live auction, if your property does not sell prior to the auction date. It is important to remember that we will not submit a guide price that is unrealistically high, basically because we aim to sell the property within 4 weeks. If you want to sell fast and receive a realistic price for your property, then selling your property at auction is definitely right for you.
Click here to complete the Property Auction Enquiry Form Or call 0845 053 6906
Other Services
UK Auction List can also provide you with a home information pack (HIP) with no fee incurred until your property is sold. Through UK Auction List, you can also find a conveyance service and bridging loans so that you can act immediately if you find a property that requires a quick turnaround.
