Selling Through Auction

 

Selling Though Auction FAQs

 

A reserve price is agreed on your property, this is the lowest figure you would accept and we cannot sell the property for anything less than that amount. A starting bid is set, your property will be entered into our next auction and will be advertised in the catalogue or entered into our ‘online auction’ with a fixed end date.

Buyers can view the property before the auction date and we encourage them to do so, as when they bid they are committed to purchasing your property. You will be kept updated with feedback from viewings and offers prior to the auction.

If you are selling unconditionally your solicitor will produce a legal pack with all the information a buyer will need to exchange contracts.

The property goes to the auction room and will sell for the highest bid above the reserve. We take the reservation fee and deposit from the buyer and pass their details and the paperwork to your solicitors to complete the transaction.

Security

You will have the comfort of a non-refundable reservation fee or deposit from any prospective purchaser. You also have the security of your reserve price which, your property won’t sell below your agreed amount.

Speed

With auction you can decide whether you would like the sale to complete within 28 or 56 days. The buyer and their solicitor have to work within these time-scales or the buyer could lose their deposit.

Maximum price

Your property will be advertised with a starting bid which is more appealing than a traditional asking price. A more attractive starting bid leads to more viewings and interest; this equates to more offers and ensures you achieve the best price in the current market.

Your property will be advertised in our auction catalogue which is sent to an extensive mailing list, it will also be advertised by partner agents both locally and nationally as well as on the auction website.

You have the option to pay the sales fee instead of having the additional reservation fee collected from the buyer. In this case, a deposit will be collected from the buyer to secure the sale.

You also have the option to sell through the Unconditional or Conditional routes without any auction or estate agency fees. An additional reservation fee is collected from the buyer allowing us to give you the full auction advertising and marketing without any costs to you.

  Unconditional Sales

This is the most secure and quickest way to sell your property. It gives the buyer the opportunity to carry out their due diligence prior to bidding.

You must provide a ‘legal pack’ prior to the auction, this contains all the information and documents needed to exchange contracts. We have a dedicated team of solicitors who can produce a pack for you or you can instruct your own legal representative.

Contracts are exchanged on the fall of the hammer, your purchaser is legally bound to purchase your property and complete within 28 days.


  Conditional Sales

There is no need for a legal pack; on the fall of the hammer a non-refundable deposit or reservation fee is collected from the buyer to secure the sale. There are 28 days in which to exchange contracts and a further 28 days to complete the sale. Keith Pattinson created the conditional method of sale 25 years ago. It was an innovation that has grown in popularity.


    Reservation Fee

You also have the option to sell through the Unconditional or Conditional routes without any auction or estate agency fees. An additional reservation fee is collected from the buyer allowing us to give you the full auction advertising and marketing without any costs to you.