Auction Insights: Selling Property Successfully

Selling a property at auction offers a unique opportunity for homeowners, particularly those with distinctive homes or properties requiring a rapid sale. While it differs from the conventional route, understanding the process can lead to a successful outcome.

Setting the Reserve Price: Before the auction, you’ll collaborate with experts to determine a reserve price—the minimum amount you’re willing to accept. This figure is confidential, ensuring that if bidding doesn’t reach it, your property remains unsold.

Preparing the Legal Pack: A crucial step involves your solicitor preparing a legal pack. This includes essential documents like title deeds and property information. Transparency is key, as potential buyers will scrutinise these details before auction day.

Marketing Before Auction Day: To drum up interest, your property will be showcased in the auction catalogue and open days will be organised for viewings. This pre-auction marketing is vital for attracting potential buyers.

Auction Day – Fast and Final: The auction itself is a whirlwind. If bidding meets the reserve and the hammer falls, the sale is binding. The buyer pays a deposit immediately, with completion typically within 28 days.

Advantages of Auction: The auction process offers speed, certainty, and the potential for competitive bidding to drive up the price. However, it’s important to consider the higher fees and the possibility of incurring costs if the property doesn’t sell.

For those ready for a swift, straightforward transaction, selling at auction can be a powerful tool. With expert guidance and preparation, you might just find your property going, going, gone!