Auctions

Property auctions explained

Auction offers faster and more secure sales, giving you more confidence when buying or selling.

The benefits of auction

• Speed
• Complete in just 28 DAYS
• Security
• All parties are committed to the sale, with a 100% completion success rate
• Transparency
• All offers are visible, making the whole process fair and transparent from start to finish
• No time to waste
• The Method of Auction makes moving simple, fast, and secure. It gives sellers confidence, buyers full transparency, and peace of mind to everyone involved.
• Understanding the auction process

If you’re looking to buy or sell through auction, see how the process works and what you can expect at every step:

Sale instruction

A vendor chooses Auction as their method of sale and instructs their property

Preparing sellers

For sellers, set your Reserve Price and we’ll handle the details. Your agent will take photos, market your property, and we’ll complete quick ID checks to get you ready to sell.

Buyer Information Pack is generated

Key property details like are prepared in a Buyer Information Pack so interested buyers can access key the legal documentation before placing a bid. Sellers can provide their own pack or let us create one. As a buyer, you will only pay if your property sells.

Auction goes live

Competitive bidding runs until the timer ends, and the highest bid wins

Property sold subject to contracts

The winning bidder pays a non-refundable Reservation fee and signs a Reservation Agreement

Exchange

Draft contracts are exchanged and buyers will have either 28 or 56-days** to complete the purchase.

Transaction completion

Our expert Completions Team will help to take the sale through to the final stage of the process

FAQS

Will selling at auction mean I get less for my property than I could through a Private Treaty sale?

An attractive Starting Bid increases interest and encourages competitive bidding between prospective buyers, which can help to drive up the final Selling Price of your property. Auction is for those sellers who are looking for the additional benefits of speed and security so pricing strategies are designed to help your property sell quickly. However, you always have control with your undisclosed Reserve Price (the minimum amount you are prepared to sell for) which means if no bids meet this, your property does not sell.

What happens if my property doesn’t sell during the auction?

Should a property not sell in the first auction cycle it is relisted for a second period. We can run as many auction cycles as it takes to successfully find a bidder. You can withdraw the property once the sole selling rights period has expired with no charge to yourself, subject to a 21-day withdrawal period.

What’s an Auction Pack?

An Auction Pack is required when selling at auction and is a collection of legal documentation assembled to give any potential purchasers and their Solicitors essential information to make an informed decision on whether to bid on a property. It is very similar to the work undertaken by a Solicitor during the Conveyancing process on the open market. By collecting this information upfront it reduces the risk of a sale falling through by identifying issues earlier, speeds up the time taken from a sale being agreed to completion and also gives buyers the confidence to bid and reserve a property. Documents typically include: Title Register, Title Plan, Property Information Forms, Fixtures and Fittings Forms, Local and Water Searches, EPC and any additional documents such as Epitomes of Title (Unregistered properties), Grants of Probate, Powers of Attorney, etc. For Leasehold properties a Management Pack is also provided detailing any information on the Leasehold.

What is a guide price?

A guide price is a marketing figure, which is used to guide potential buyers as to how much a property could be worth. They are not necessarily figures which a property will sell for, the sale price will be dependent on bidding in the auction room. Guide prices can either be a single figure price or a price range. These may change at any time prior to the auction. The most up to date guide prices should always be showing on the property details page.

Can I set the price I’m willing to sell at?

Yes, this is called the reserve price. Your property will be offered subject to this reserve price, and it is kept confidential between the seller and auctions team. It is usually set just prior to the auction and is a figure below which the auctioneer cannot sell the property during the auction. If the property fails to reach its reserve, offers will then be invited from all interested bidders to try and agree a sale after auction at or above your reserve.

Click here for a link to our Buyer’s Guide