Auction - Frequently Asked Questions

FAQs

Selling your property by auction couldn’t be simpler and it could cost less than you might think…


Q: Why would you sell a property by auction?

There are many good reasons for selling a property at auction. Most importantly, you may achieve a better price under competition than you would selling through an estate agent, particularly if your property is in need of refurbishment or is likely to be of interest to investors and developers.

Auction is the most effective way to sell your property quickly – contracts are exchanged within 4-6 weeks of marketing commencing with completion 28 days later. An auction ensures maximum exposure to the market and no other method of sale is quicker or can produce the best price in such a short timeframe.

Q: How much does it cost to sell at auction?

You might be surprised by how little it costs to sell at auction. There is an entry fee of £350 plus VAT which is payable up-front and then a commission (a percentage of the sale price) which is generally comparable to that which a traditional estate agent would charge. The commission is only payable upon contracts being successfully exchanged.

Q: Can I set a reserve price?

Yes, we will provide a recommended reserve price following our initial valuation, but this figure is agreed with you prior to marketing commencing. We will monitor interest levels during the marketing period and the reserve can be adjusted closer to the date of the auction if required.

Q: When do I need to instruct my solicitor if I sell my property at auction?

As buyers will be required to exchange contracts at the auction, your solicitor will need to prepare a legal pack containing the relevant legal documentation so that this can be made available prior to the auction. You should instruct your solicitor to prepare the legal pack at the same point that you instruct us to auction the property. Ideally, we would like to receive the legal pack no later than 2 weeks before the auction date to allow buyers sufficient time to review the legal documentation.

Q: Does my property need to be cleared?

This will depend on the individual property but properties in need of refurbishment often present better if they have been cleared of the contents. We will be able to advise on this at our initial valuation and we work closely with a trusted house clearance company that we can recommend.

Q: Can I sell a tenanted property at auction?

Yes, we can sell residential or commercial properties with tenants in situ, particularly if the property is likely to be bought by another landlord or investor. If your property is more likely to be of interest to owner occupiers, or the property is in need of refurbishment, you may wish to serve notice on your tenants so that vacant possession can be provided. Our experienced auction valuers will be able to provide advice in this respect on the initial valuation.

Q: Can buyers make offers prior to the auction?

Yes, once a buyer has viewed the property and we have received the legal pack they do have the option of making an offer prior to the auction. If the offer is at an acceptable level to you it can be accepted on the basis that the buyer exchanges contracts and pays the 10% deposit prior to the auction. All marketing and viewings would continue until an exchange takes place, putting you in the driving seat.

Q: Can I attend the auction?

Yes, an auction is a public event and we encourage everyone to attend, whether as a seller, bidder or spectator. If you are unable to attend, we will call you on the day of the auction to inform you of the result.