Guide To Selling At An Auction

Advantages of Selling at auctions

Transparency

Having open competition within the auction room allows for transparency of sale, which is not available through private treaty methods, guaranteeing that your property sells to the person willing to pay the highest price on the day.

Certainty

Auction contracts are unconditional. When the hammer falls in the auction the buyer instantly gives a 10% non-refundable deposit and contacts are exchanged.

Competition

The competitive environment as well as there being more than one person bidding creates the potential for your property to sell for a substantially higher price.

Time

Unlike traditional sales, auction contracts have set completion dates by which you will collect the entire value of the sale.

What is their selling process?

1: Appraisal

The initial consultation offers a non-compulsory appraisal. We will offer guidance on whether a sale by auction is the most optimal way of achieving the highest price. If this is the case, we will provide an estimated sale price and reserve price.

Guide prices- we will agree on a realistic guide price with you which will reflect your minimum acceptable sale price. We are committed to never mislead our buyers by quoting a guide price that is lower than the agreed reserve price.

2: Instruction

Fees and terms – following the initial appraisal we will familiarise you with our terms and conditions of appointment, including entry fees and commission.

Proof of identity – under anti money laundering regulations proof of identity and address are required before we can market your property. These verifications are also required if you are representing the seller.

3: Inspection

Once we have received formal instruction, one of our experienced surveyors will carry out an inspection of the property. During this process the necessary measurements and photographs will be taken. 

Following the inspection, draft sales particulars will be sent to you and your solicitor for review. the solicitor will be advised to make a legal pack, which we will be made accessible on our website during the marketing phase.

4: Marketing

We will prepare a set of property details and photos on our website that will be published in our auction catalogue.

Portals- we also ensure that your property is visible on major property search portals such as; Rightmove and Zoopla.

Advertising- we carry out advertising campaigns for each auction and place “for sale” boards where required.

Reporting- throughout the marketing period, we log all inquiries and maintain close communication with serious buyers. This helps us gauge interest levels and report price indications or offers made prior to the auction.

Reserve price- A few days before the auction we will review the agreed reserve price, making adjustments according to our report on the level of interest. 

5: Auction Day Procedures

Binding contracts- once the gavel falls a binding contract is formed and there is a legal obligation that the purchaser completes the purchase. A 10% deposit is paid to Century 21 (minimum £2000.) A buyers fee is also payable to Century 21.

Buyers checks- In compliance with anti money laundering regulations, we preform checks on all buyers and bidders prior to the auction.

Unsold lots- if there are any unsold lots, we typically expect our instructions to continue for a period of 45 days following the sale. All previously interested parties will be contacted and we will invite the best bids. while post-auction interest is at its highest, there is a higher potential for sales to be more readily accepted.

6: Completion

When the property is sold, we require completion of our standard conditions to happen 20 working days after the auction. This can vary by your solicitor in the Special Conditions of Sale.