Selling at Auction
Selling a property at auction is transparent, cost effective and depending on the property may well be the best way to achieve the maximum price.
Step 1 - Is an Auction the Right Choice for me?
Most types of property are suitable for auction depending on a realistic reserve price being agreed, however some types of property are more suitable for auction than others.
For instance a property that is in need of modernisation and refurbishment will be particularly popular as a large number of builders and developers attend auctions and therefore might achieve a better price than sale via private treaty.
There are several advantages to an auction sale:
- An auction contract is unconditional and works to specific timeframes, meaning that once the property is sold in the auction room there is no further negotiation from any buyer and the completion date where you will receive the full amount from the sale is fixed.
- The open competition of the auction room provides a transparency of sale not available through private treaty methods, ensuring that your property is sold to the person willing to pay the most on the day.
For an auction sale to be successful we only need one thing from our sellers:
- To be willing to be realistic in terms of the reserve price set.
This allows the auction process to generate competitive bidding and for the property to find its value in the auction room.
Step Two - Price
To proceed with placing your property in our auction the most important step is agreeing a reserve price, this being the minimum price which we can sell the property for.
We are able to advise you on where we would recommend this be set if you can provide us with some initial information on the property.
General information we would need is:
- Property type
- An idea of the size
- An idea of the condition
- Any tenancies
Step 3 - Pre-Auction
Once a reserve price is agreed we would arrange an appointment to inspect the property and take our marketing details and photos.
At this point we would also need you to instruct a solicitor to prepare legal documentation for the property.
After inspecting the property we will prepare a set of details and publish these in our auction catalogue and on our website together with other property portals such as Rightmove.
Our catalogue is then distributed nationally via both post and email.
We also compound interest prior to the auction by a comprehensive range of local and national advertising.
Our properties are regularly featured in both the Evening Standard and Estates Gazette along with a wide selection of local and specialist publications.
Step 4 - The Auction and After
Once we have a successful bidder in the auction room we immediately take identification documents and a deposit of 10% of the purchase price from them. We would then sign the contracts and exchange on your behalf.
Completion then usually takes place 20 working days after the auction at which time the remaining balance must be paid.
Please note that as the Seller you can vary the completion period if you wish, you just need to notify your solicitor so that they write any variation into the contract.