How to sell at auction
Step one: is your property suitable for auction?
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.
Step two: Decide on a reserve price
To proceed with placing your property for 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 should be set.
Step three: Instruct a solicitor
A property cannot go to auction without a legal pack. Your solicitor will collate the documentation and will need time to order searches and put together the special conditions in readiness for the sale.
Step four: Marketing the property
We will oversee for photography, floor plans and the written catalogue details for the property. The launch of our full catalogue will occur just over 2 weeks prior to the auction. A marketing board will be erected and email marketing will be sent to our database. If you have granted us access, open viewings will be conducted. Your Savills contact will provide you with up to date interest figures during this time.
Step five: Auction day
With our live stream approach, you will be able to watch the auction on the day and witness the fall of the hammer. The signed contracts will be sent to your solicitors in the following days. From this point, between exchange and completion your solicitor will liaise with the buyers solicitor directly.
Step six: Completion
The standard auction completion is 20 working days, at which point via your solicitors the final payment will be made and the property now has new owners.
