Thinking about selling at a property auction? Our experienced auctioneers are here to guide you through the process, providing insights into the expected price, likely timescales, and associated costs. With transparent discussions about guide prices, entry fees, and commissions upfront, you can proceed with confidence, free from hidden surprises. Contact us today for a free, no-obligation property auction valuation.

Legal Commitment to Purchase

One significant advantage of selling properties at traditional auctions is the legal commitment required from buyers. With a mandatory 10% deposit and immediate exchange of contracts on the auction day, buyers are legally bound to the purchase. This not only provides a sense of security but also ensures that the buyer cannot back out.

Advantages of the Traditional Method

Selling your property at auction offers a thrilling and efficient way to secure a guaranteed sale. Here are some key advantages:

-Exchange Contracts on Auction Day

- Sale Guaranteed Upon Fall of the Hammer

- Immediate 10% Deposit Payment

- Completion Within 20 Working Days

- Maximizes Sale Value

 

While property auctions have traditionally been associated with repossessed homes, they are increasingly popular among vendors of various property types seeking quick sales. Properties that are in high demand, need a fast sale, are in poor condition, or are unique often perform well at auctions.

 

Step-by-Step Guide to Selling Your Property at Auction:

1. Set a Guide Price:

   After a free property valuation, we recommend a guide price, always lower than the market value to attract more bidders and drive up the price.

 

2. Market Your Property:

   Allow four to six weeks before the scheduled auction date for maximum exposure. The auction house will inspect, photograph, and market your property through online and print catalogs.

 

3. Get Your Paperwork in Order:

   Your solicitors will prepare a legal pack, including special conditions of sale, title documents, and other necessary paperwork. AML checks will also be conducted.

 

4. Organise Viewings:

   Regular viewings will be scheduled and published in the property catalog and online.

 

5. Manage Early Offers:

   Auction experts will handle all interest and offers made before the auction day. You can accept offers before contracts are exchanged.

 

6. Set a Reserve Price:

   Agree on a realistic reserve price, the lowest amount you're willing to accept. The auctioneer won't sell below this level.

 

7. Property Auction Day:

   Attend the live auction or let the auctioneer handle the process. The fall of the hammer signifies an exchange of contracts, and the successful bidder pays a deposit.

 

8. If the Reserve Price Is Not Reached:

   If your property doesn't meet the reserve price, there's still an opportunity to sell post-auction. Decide whether to accept subsequent offers.

 

Ready to begin? Request our free, no-obligation, property auction valuation or call us at 0203 6039530 for a chat.