Property Auctions

If you need a very quick and guaranteed sale, then auction is a great way to sell your property. Often, properties at auction achieve a sale price in excess of expectations and you can always be sure that it achieves its best on the day. Once the hammer falls, there is no re-negotiation, contracts are exchanged and legal completion normally takes place 28 days after the auction. In addition auction properties will be intensely advertised before the auction ensuring maximum exposure.

Auction is the fastest way to sell a property - the process can take as little as 5 weeks from instructing through to exchange of contracts.

How the Auction Process Works

Seeking Advice

When a vendor contacts the auctioneer they will ask about the property, your situation and requirements. A valuer will visit and advise on the best method of sale, and if it is 'Sale by Auction' will provide a guide price recommendation, talk you through the auction process and help you decide the way forward.

Instruction to Sell

The auctioneer will confirm their terms of appointment, get in contact with your solicitor, gather together the necessary paperwork, liaise to get searches, planning permissions, tenancy agreements and any other relevant documents and get special conditions of sale prepared for your property.

Property Details Approved

The auctioneer will submit to you the property details and marketing material they have prepared for approval. They will send copies to your solicitor, any amendments will be discussed and included as necessary. Press advertising, auction catalogue listing and details added to the auctioneers website can then proceed.

Effective Marketing Campaign

All auction lots are advertised extensively in local papers where the auction will take place. The likelyhood is the auctioneers will also promote the auction nationally in the Estates Gazette and Property Week and where appropriate in other specialist publications. Details will be added to third party advertising websites and mailings to active auction buyers on the auctioneers mailing list.

Catalogue Circulated

Each property in an auction will be allocated a running order lot number and listed in the auction catalogue in lot number order. The auction catalogue will be mailed to those interested parties on the auctioneers mailing list and sent to others enquiring about specific auction properties and those calling into the auctioneers office.

Viewings and Open Days

The auctioneer will organise open days at all properties that require access. The member of staff conducting the open viewing will ascertain interest from the viewers to gauge the level of interest to assist with setting the reserve price for the auction.

Reserve Set

After gauging interest from open day viewings and discussions with prospetive buyers, which may include pre-auction offers and sometimes a pre-auction offer may be so attractive and unlikely to be surpassed in the auction room that the auctioneer recommends its acceptance, conditional upon exchange of contracts at least 5 days prior to the date of the auction. A reserve price is agreed with the vendor approximately 48 hours prior to the auction. This remains confidential between the vendor and the auctioneers.

Auction Day

Time is allocated prior to the start of the auction to update prospective buyers on any last minute changes or amendments and allow prospective buyers to ask any last minute questions. Each lot is described prior to being offered, and hopefully after competitive bidding will be sold on the fall of the hammer, wih contracts being effectively exchanged at that point. Sale documentation is signd in the auction room and a 10% deposit paid.

Completion

The vendors solicitor will handle the process from then onwards. The auctioneer will supply them with a notification of sale and hand over deposit monies after deducting sale costs. The vendor will need to provide vacant possession on completion, unless the property has been sold tenanted; make arrangements for key release and arrange final utility bills and cancel insurance etc...

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