Selling by Auction

The main thing to remember about selling by auction is that it’s not just for properties with issues and desperate sellers, which are common misconceptions. Think of auction as a specialist market for buying and selling certain types of property - the buyers are looking for a particular type of property so if you own that type of property, then auction could be the best method of sale for you. If you owned a 1965 Jaguar E-Type you wouldn’t take that to the local dealership to sell, you’d take it to a Classic Car Specialist as they are more likely to have Buyers for that type of car - that’s what auction is.

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Advice

Advice

  • We would discuss with you the suitability of your property for auction (if we believe auction is not the best route for you, we will advise you against it)
  • We will carry out an in-depth pricing exercise and give you an estimated value that could be achieved at auction
  • We will discuss your timescales and decide which auction date is best suited to you for your individual needs
Pre-auction

Pre-Auction

  • We will work closely with the local agent to generate as much interest as possible with a view to converting viewers into bidders
  • We will liaise with your solicitors to ensure we receive the legal pack in good time
  • We will discuss and set the reserve 2-3 days prior to the auction once we have reviewed all viewing feedback and legal pack enquiries
Instruction

Instruction

  • Once we have agreed a starting price, estimated reserve price and auction date, you would sign our terms of business
  • If you are currently on the market, we would liaise with your existing estate agent and work with them as joint auctioneers and organise open house viewings
  • If you are not currently with an estate agent, we would discuss this with you before instructing the best local agent to help sell your property
Auction Day

Auction Day

  • Before the bidding opens, we will ensure all interested parties are registered and ready to bid
  • If a bid comes in during the last minute of bidding, there will be an additional 60 seconds added to the bidding. This will continue until the highest bid has been received
  • Once the highest bid has been reached, and only if this figure is the same or in excess of your pre-agreed reserve, contracts will exchange immediately
  • The winning bidder will pay a 5% non-refundable deposit at this stage and a buyer’s premium of 1%+VAT (subject to a minimum fee of £2,000+VAT)
  • The Buyer will pay the remaining 95% of the purchase price on completion which is typically 20 working days after contracts have exchanged
Go Live

Go Live

  • Your property will be listed with your chosen local estate agent and on the main property portals (Rightmove, Zoopla, OnTheMarket)
  • It will also be listed on the specialist auction portal EiG, reaching around 20,000 auction buyers each week
  • Regular open house viewings will be conducted, and you’ll receive weekly updates before the auction