Auction Sale Process

The auction process is quick and simple on the face of it. There are so many places it can go wrong or where opportunities to optimise the marketing and sales are missed. This is where we come in and leave no stone unturned and no opportunity missed.

01

Request an auction valuation

Once you provide us with the basic details of your sale, we will assess those against similar property sales including auction database we have access to. This will give you a realistic expectation of what might happen in the auction. This will also include a suggestion from us as to which auction house will be the most appropriate for your property and offer the best chances of achieving the highest price.

02

AGREE RESERVE PRICE

This will be a minimum price for which you will be willing to sell the property for. This is not necessarily the final sale price. Please see above regarding various different prices.

03

SIGN TERMS AND CONDITIONS

We will provide you with the auction contract from the chosen auction house and we will act as joint agent and liaise with auction house on your behalf.

04

INSTRUCT A SOLICITOR TO PREPARE A LEGAL PACK

Legal pack is a crucial element of sale. When selling in the auction you are effectively asking the buyer to commit to buying your property then and there. So you will need to provide appropriate information to them in advance of the auction. Your solicitor will advise you on the information that you need to provide and we can also liaise with them to ensure that all the documents that buyers would expect are presented in a clear and concise manner. This is also the place where you can set your terms of the sale… do you need quicker completion than 28 days? Higher deposit than 10%? Any other special terms of the sale? Your solicitor will be able to alter the contract to reflect those and allow you to sell the property on the terms that suit you. This is a crucial part of the process so you will need a good solicitor that is proficient in auction sales and can act within quick auction timelines. We can introduce you to our panel of solicitors if you require.

05

APPROVE CATALOGUE ENTRY PAGE WE PREPARE

The more interest we can generate in your property, the more competing bidders you’ll have, and the higher price you’ll get for your property. Which is why we go to serious lengths to describe your property and the potential it offers in the best way possible. A lot of buyers are making an impulse decision whether to invest time and money in finding out more about your property. Marketing information will have a major impact on the number of people who will chose to take it further and it’s the first step to generating a bidding war for your property.

06

VIEWINGS AND LEGAL PACK REGISTRATIONS

As above, your property will likely attract pre-auction offers. Some might be shockingly low, some very attractive. Selling your property in the auction is like putting it on shop display with a large SALE NOW ON sign! It’s a nature of auctions to attract a variety of offers but you are not obliged to accept any of them. We might be able to assist with agreeing an underwriting contract where a buyer who wants to buy your property guarantees a price you would be happy selling the property for. But the property would still be offered in the auction where it will achieve no less than the guaranteed price from underwriter. If it achieves more, the difference will be shared between underwriter, yourself and the auction house.

07

PRE-AUCTION OFFERS

A day or two before the auction, we will get in touch to confirm the reserve price with you in response to the marketing updates.

08

CONFIRMING THE RESERVE PRICE IN RESPONSE TO MARKETING REPORTS

This is where the magic happens. You can attend the auction if you wish but it’s not at all necessary. The auction house and us will take care of everything. You might just wait for our call post auction or watch the auction online via the link we will provide you.

09

AUCTION DAY

This is where the magic happens. You can attend the auction if you wish but it’s not at all necessary. The auction house and us will take care of everything. You might just wait for our call post auction or watch the auction online via the link we will provide you.

10

EXCHANGE OF CONTRACTS

The moment the highest bidder wins the bidding (given they bid above the reserve price), the contracts are exchanged. Auction house will take their details and also 10% deposit. Then the contracts will be sent to solicitors which will handle the completion.

10A

IF YOUR PROPERTY DID NOT ACHIEVE THE RESERVE, EXPECT POST-AUCTION OFFERS FROM THE MOST INTERESTED PARTIES

If for some reason your property did not achieve the reserve price, we will closely engage with the most interesting parties to do a deal with them post auction at the best price possible. We will bring all offers to you for you to decide. If the offer comes at a reserve price up until midday of the day after the auction, the auctioneer will have the authority to sell it. If offers come in lower than reserve, you will have to choose if you want to accept and authorize the auctioneer to exchange contracts on your behalf.

10B

IF SOLD, SALE COMPLETES IN 4 WEEKS TYPICALLY BUT WE ARE ON HAND TO DO ANY TROUBLESHOOTING

Your solicitor will be liaising with the other party solicitor to handle all of the completion matters. It is usually a straightforward process given the auction terms. However, we are on hand to advice on handling certain curve balls that buyer and buyer’s solicitor might try to throw at you.