Selling at Auction
Choosing whether to sell by auction will be based on a range of factors and we are able to advise on a case by case basis. Factors which will impact on our advice are:
- Anticipated level of interest – Where we anticipate a high level of interest from multiple buyers we would recommend a sale by auction to allow and fair, open and competitive sale.
- Type of Property – A sale by auction tends to be particularly favoured for agricultural land, development property and properties in need of modernisation.
- Client position – Do you need to sell quickly or have a deadline to work to?
If after due consideration a sale by auction is recommended, the process follows the following simple steps:
- We will agree on a guide price, sale date and prepare full sales details to advertise the property to best advantage. Once these are agreed we will begin to market the property, both online and in the local press and begin to arrange viewings.
- We will work with your chosen solicitor to prepare the auction pack, which usually includes the sale contract, searches and any other legal documents for perspective buyers to see before the auction.
- As the auction approaches, we will meet with you to agree a reserve price, which is usually within 10% of the quoted guide price. The reserve price remains entirely confidential between the vendor and the auctioneer.
- On the auction day, the property will be offered for sale, and assuming the property reaches the reserve price, the fall of the hammer signals exchange of contracts and the buyer pays 10% deposit on the day, with completion usually being fixed for 28 days thereafter, where the balance of monies is due.