Getting ready to sell at auction
Your considerations should include getting your property valued, the auction's process and finally what to expect after you have sold the property.
What to consider when selling at auction
Request a valuation
You’ve decided to sell your property, now you need to find out what your property is worth.
Firstly, we will get to understand more about the property by talking to you. Then you’ll be presented with an estimated sale price and a recommended reserve price. These figures would be based on the auctioneer’s experience and professional opinion on current market conditions.
After this, we will arrange a meeting to confirm and agree on a guide price with you, reflecting your minimum acceptable sale price too.
Please note that will endeavour never to mislead our buyers by quoting a guide price that is lower than the agreed reserve price.
Instruction & Identity Checks
After our initial appraisal, we will agree with you on our terms and conditions of appointment, including fees.
Under the Anti Money Laundering (AML) Regulations, we would require proof of your identity and address before we can market your property, therefore, you must make sure you have these readily available.
If you are representing a seller, these checks will also have to be undertaken on the seller.
Inspection
Once we have been formally instructed and the Anti Money Laundering check has cleared, the property will usually be inspected by one of our surveyors; measurements will be taken where appropriate, and the property will be photographed too.
It is vital that sellers support us when undertaking these inspections, in order to ensure we can get what is needed for better accuracy and marketing.
Your solicitor will then be asked to prepare a legal pack for your entry.
Marketing
Every property in our auction catalogue benefits from wide exposure through intensive marketing campaigns.
We can provide you with reports detailing the level of interest, including web enquiries, viewings, pre-auction offers and figures of the number of people who have reviewed the legal pack.
This all helps us to better understand how much interest / bidding is likely to happen on the auction day.
Auction day
On the fall of the gavel, there is a binding contract in place, and therefore, the seller is legally obliged to sell the property should it pass the reserve price.
As a seller, you should have the property ready for the buyer.
In the unlikely event that the property does not sell, we will contact interested parties and under-bidders and we will invite the best bids.
Completion
Once the property has sold, the completion usually takes place within / around 28 working days after the auction.
Please remember, since the gavel has fallen, the buyer is legally bound to purchase your property — and you are also legally bound to sell it too.
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* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.