A property auction can be a thrilling and efficient way to sell property fast, and secure a guaranteed sale.

• Exchange contracts on property auction day
• Sale guaranteed upon fall of the hammer
• 10% deposit paid immediately
• Completion within 20 working days
• Maximises sale value

Although property auctions have historically been used for sales of repossessed homes, they are growing in popularity amongst vendors of all kinds of properties looking for quick sales. The types of property that generally sell well at auction include:

• Properties that are hugely in demand or have a large number of interested parties
• Repossessed homes that need a quick sale in order to repay a debt
• Properties for which it is hard to find a buyer through a more traditional route
• Properties in poor condition that require renovation
• Unique or unusual properties which are hard to value

There are three main benefits to selling a property at auction:

• You can sell a property quickly – The auction process is often quicker than the normal house sales process. Most of the work is carried out before the auction and once the hammer falls, exchange of contracts happens straight away and completion happens within 28 days. It is possible that you may receive an offer for your property before the date of the auction. This is perfectly legal, and it is up to you to consider whether you think you are likely to get a better price on the day of the sale.
• You can achieve a higher selling price – The auction process can often help you to achieve the highest possible sale price for your property. This is especially true if two or more buyers enter a ‘bidding war’ which drives up the price of your property. Putting your home up for auction means that you have control of the minimum sale price. Before the auction you and the auctioneer agree a ‘reserve price’ for your property. This means you have a financial safety net and if the bids at auction do not reach this reserve, your home will not be sold.
• It’s the perfect market for particular types of property – An auction can be a much more suitable marketplace for particular types of property. If you own an unconventional property that an Estate Agent finds difficult to value, or your property needs extensive renovation, you might have a better chance of selling it at auction. Many buyers looking for these kinds of properties will search for them at auction rather than through Estate Agents. In addition, if your property has proven difficult to sell, perhaps because of legal complications, an auction offers the chance of a definite sale with no chance of it falling through.

FOR MORE INFO, HAVE A READ OF OUR step-by-step guide to selling your property at auction: