We will refer you to one of our experienced agents for a free auction appraisal.
This appraisal will outline a likely guide price, or guide range to create competition.
The guide price will be priced lower than an estate agent’s valuation. This is further explained in the FAQs section below.
You can pick your own Auction end date and time giving you control and flexibility over your sale, with us marketing your property with our database of clients and on all of the major advertising Portals including Rightmove, Zoopla and On The Market.
Our traditional auctions operate with an immediate exchange.
With a traditional auction this means that when the auction timer reaches zero, and your reserve price is met, a legally binding exchange occurs, guaranteeing you a timely & efficient sale.
Completion is typically 28 days after exchange, or can be agreed or at a date to suit
This buyer friendly modern auction method is ideal for a mortgage buyer creating competition from a much wider buying audience with fixed dates and time to move, exchange typically takes place 28 days later with a completion 28 days thereafter.
Reservation fee is taken on the fall of the hammer and this is non refundable as per the terms and conditions and this ensures very little or no fall throughs unlike high street estate agency where this is common place and can be quite distressing for sellers.
Why do auctioneers price differently to estate agents?
With Auction we require a lower starting price than with private treaty sales.
This is because the Auctioneer is attempting to attract more than one bidder, with the aim of creating competition, with the potential of increasing the value of the property to a price above market value.
This means that you may receive a ‘guide price’ that is slightly lower than anticipated, but don’t be alarmed, it is not necessarily indicative of the value of your property.
What are the fees?
We will refer you to our Auctioneer on a no sale no fee basis, however an Entry Fee is payable by the Seller on completion of the Sale with no upfront costs.
How long does it take?
The auction process takes significantly less time than private treaty.
The valuation and auction preparation period usually takes around a week or so.
We will typically have you sold in 28 days.
Can I set a minimum price on my property?
Yes. Properties for sale by auction are allowed to have a reserve price, the minimum price that a property can sell for.
If bids do not reach the value of your reserve price, your property will not be sold.
The reserve price does not have to be made public by the Auctioneer.
However, the reserve price must be no more than 10% higher than the property’s guide price (the price at which your property is marketed).
Is there an optimum duration for an online auction?
Typically, these are run in 28-day cycles automatically relisting in a second cycle if unsold with the reserve not being met, we liaise with our sellers at this point to consider pricing.
Sometimes properties just need a little more time to create the right level of competition and for potential buyers to do their homework, or it can simply be that the guide price is too high it needs revisiting once the market has been tested.
This can be the case for example when a property has not been on the market for a long time.
Do I need to provide legal documents for my property?
Yes. The auction process requires sellers to provide a ‘legal pack’ prior to auction and we can provide these for £300+ vat.
This is to allow all buyers to inspect the same information before purchasing.
It may be possible to get the cost of your legal pack reimbursed upon the sale of your property but this has to be agreed with the Auctioneer in advance.
Do you host in room Auctions?
Yes, we do, albeit we are committed to the safety and wellbeing of all of our client given the current Coronavirus and operate to Government Guidelines to large public gatherings.