Selling a property at auction is different to selling through private treaty (standard route of selling) and there are many misconceptions about it. We have created a handy infographic to help you understand the process.
Download the Selling your Property at Auction roadmap.
How to set the price of an auction property
If you decide to sell a property at auction, you will discuss and agree an undisclosed reserve price with our auction specialist.
This is the minimum your house will sell for and is the starting bid. We market the house at this price to generate interest to give you a better chance of selling your property fast.
Getting prepared to go to auction
We will prepare the property details, including photographs, descriptions, floor plans and EPC (if required). You will also need to go through an ID check (the process is quick and simple).
Then the auction pack will be prepared, this pack is what we give out to the potential buyers.
Marketing an auction property
Whilst the auction pack is being prepared, we can begin to market the property in order to generate as much exposure and interest as possible. We use all the main property portals including Rightmove & Zoopla, along with social media, in-branch marketing, the auction website and our website.
When does the bidding process start?
Once the auction pack is complete, the auction bidding process can begin! The actual auction can be in a room (set day/time) or online (agreed start & end date).
Any interested parties who have accessed the auction pack, can bid on the auction. The auction ends when the timer runs out and a sale will be agreed if a bid is received on or above your agreed reserve.
What happens after the auction is finished?
The buyer has between 28 and 56 days to complete the purchase (depending on the auction type). There will be a reservation for the buyer to pay so they are committed to the purchase.
The next steps are for the sales progression team to take the sale through to completion.
If you would like more information or to get the ball rolling for selling a property at auction, get in touch.
Guide to Buying
If your looking to buy a property at auction, then our guide might provide some useful tips for reference.
Guide to BuyingGet a Free Valuation
If you're contemplating becoming a landlord, the best starting point is to get an idea of the market value of your property.
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