Are you thinking of putting your home under the hammer? Here is our guide on selling at auction:

Key takeaways

Auction is a quick and secure way of selling your property. The buyer is committed to buying your property once the hammer falls. You set the reserve price, this ensures you sell for a certain price that you are happy with. Two types of auctions: the traditional faster unconditional method and the conditional method.

How much does it cost?

Nothing, we don’t charge you to sell at auction. The buyer pays the auctioneer’s fees.

What’s the difference between unconditional and conditional?

Unconditional lot

Contracts are exchanged immediately following the fall of the gavel, the purchaser is legally bound to buy and the vendor is legally bound to sell the Property/Lot. The auction conditions require a full legal completion 28 days following the auction (unless otherwise stated). A deposit and a buyers premium are payable immediately.

Conditional lot

Upon the fall of the hammer, the auction conditions require exchange of contracts within 28 days (unless otherwise stated) followed by completion within 28 days of exchange. The purchaser shall pay a non-refundable buyer’s premium. The buyer’s premium applicable to the property will be noted on the property listing.

Watch our selling at auction guide:

Let’s have a look at how selling at auction works:

1. Contact our team: Start by speaking to a member of our team, we can arrange to carry out an in-person valuation or a desktop valuation.
2. Set a reserve price: Our experts will give you guidance on a suitable reserve price. The reserve price is the minimum the property will be sold for, this makes sure you sell for a certain price that you are happy with.  
3. Prepare the details: We will arrange to take photographs and a write up of the property.
4. Prepare the legal pack: A legal pack has to be prepared before the auction date. It’s important to have this prepared as soon as possible. The legal pack can include a contract, office copy of the register of title, land registry and local searches.
5. Advertise the property: Marketing your property is important to the success of the auction. That’s why we advertise on leading property portals such as Rightmove and Zoopla. Our large database of nationwide buyers are alerted and our social media presence will be utilised.
6. Conduct viewings: Prospective buyers will want to view the property, we can arrange this by appointment or arrange an open day to suit. Our auction expert will attend the viewings to show the prospective buyers around and be on hand to answer any questions. 
7. Deal with enquiries: Prospective buyers will have enquiries about the property, our team will assist to ensure prospective buyers are ready to bid.
8. Auction Day: Come the day of the auction each property has a start and a specific end time. Prospective bidders will have registered to bid in advance of the auction and will start bidding. If the bidding reaches the reserve then your property has sold, bidding will continue until the timer finishes and the highest bidder will be successful.
9. Sold, what happens next? On unconditional lots, you exchange contracts on the day of the auction. The buyer will pay a deposit and will have 28 days from exchange of contracts to complete.

• Author: Lloyd Marsden
• Categories: Selling