The Sellers Guide to Property Auction

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Residential Sellers Guide

Choose Your Sales Method

Modern Method

Upon the close of the auction, the successful purchaser is required to pay a reservation fee and sign a reservation form. In return for this the buyer reserves the right to unconditionally exchange contracts on a property at an agreed price within 28 days and complete 28 days thereafter. This method is more suited to the residential purchaser, allowing time for surveys and finance to be arranged.

Traditional Method

Contracts are exchanged immediately, with completion taking place within the next 28 days. Complete security is provided but this method is more suited to the property professional as it is legally binding.

Choose Your Preferred Payment Method

Reservation Fee (Paid by the Buyer)

Under this payment method, the buyer will pay a non refundable reservation fee in addition to the purchase price. This covers the costs of the auction and as this is paid on a non refundable basis, you know the buyers is serious and in a proceedable position.

The Auction & Sales Progression

Once you have selected your auction and payment type, you will be assigned a personal auction coordinator who will keep you updated with viewing feedback and bids. Your auction coordinator will become your point of contact; they will provide weekly activity updates and guide you through the process. Upon successful conclusion of the auction, our expert sales progression team will manage the sale through to completion and keep you updated at every step along the way.

Auction Packs

If you decide to sell your property via auction, you will need an auction pack for your property. These packs contain important information about your property that a potential purchaser needs when deciding whether to bid. These packs normally include the following things:

  • Local Authority Search
  • Property Information Questionnaire
  • Water & Drainage Search
  • Reservation Form or Contract
  • Title Plan & Register or Epitome of Title
  • General Terms & Conditions
  • Fixture & Fittings Form
  • Any special Conditions of Sale

 

Our legal partners Medway Law can provide a pack for you. If you choose to instruct us on the sale of your property we will discuss all the options and costs with you.

Should you wish to provide your own auction pack we will need a copy before we are able to successfully sell your property.

Seller Benefits

An increase in interest on your property

The pricing strategy that we employ creates increased levels of interest and viewings that heightened the chances of selling your property quickly.

Achieve fair market value

Think about how an owner of a piece of fine art maximises its value? They sell it at auction! Due to the increased marketing and unique pricing strategy that we operate, we guarantee to get you the fairest price in the current market. A property will always sell for what its worth, plus you have a reserve price so you know it won't sell for anything less than the one you are happy with.

A fixed date to sell & move

Fixed time scales for exchange & completion provide clarity for both parties. A fixed time scale is not often set when selling a property through private treaty with sales taking much longer than anticipated. This added security is a big benefit to most vendors looking to move forward with confidence.

If you are unsure about any of the information provided in this guide, please do not hesitate to contact a member of the Auction Department for further clarification. 

Commercial Sellers Guide

Choose Your Sales Method

Modern Method (Conditional)

Upon the close of the auction, the successful purchaser is required to pay a reservation fee and sign a reservation form. In return for this the buyer reserves the right to unconditionally exchange contracts on a property at an agreed price within 28 days and complete 28 days thereafter. This method is more suited to the residential purchaser, allowing time for surveys and finance to be arranged.

Traditional Method (Unconditional)

Contracts are exchanged immediately, with completion taking place within the next 28 days. Complete security is provided but this method is more suited to the property professional as it is legally binding.

Payment Method Options

Reservation Fee (Paid by the Purchaser)

Under this payment method, the buyer will pay a non refundable reservation fee in addition to the purchase price. This covers the costs of the auction and as this is paid on a non refundable basis, you know the buyers is serious and in a proceedable position.

The Auction & Sales Progression

Once you have selected your auction and payment type, you will be assigned a personal auction coordinator who will keep you updated with viewing feedback and bids. Your auction coordinator will become your point of contact; they will provide weekly activity updates and guide you through the process. Upon successful conclusion of the auction, our expert sales progression team will manage the sale through to completion and keep you updated at every step along the way.

Auction Packs

Modern (Conditional)

We can provide an Auction Pack including Title Register, Title Plan and CPSE's. We can also provide a quote to obtain the relevant searches and seek reimbursement from the purchaser upon successful sale. The buyer will be granted 28 days to exchange contracts (from receipt by the buyer's colicitors of a draft contract), with completion to take place within 28 days thereafter.

Seller Benefits

An increase in interest on your property

The pricing strategy that we employ creates increased levels of interest and viewings that heightened the chances of selling your property quickly.

Achieve fair market value

Think about how an owner of a piece of fine art maximises its value? They sell it at auction! Due to the increased marketing and unique pricing strategy that we operate, we guarantee to get you the fairest price in the current market. A property will always sell for what its worth, plus you have a reserve price so you know it won't sell for anything less than the one you are happy with.

A fixed exchange/completion timescale

Fixed time scales for exchange & completion provide clarity for both parties. A fixed time scale is not often set when selling a property through private treaty with sales taking much longer than anticipated. This added security is a big benefit to most vendors looking to move forward with confidence.

If you are unsure about any of the information provided in this guide, please do not hesitate to contact a member of the Auction Department for further clarification. 

Seller's FAQ

Below are a selection of common queries from our sellers. If you need any further help in understanding the selling terms and process, don't hesitate to get in touch.

Is my property going to sell?

There are two components needed to maximise the chances of selling through auction; a motivated and realistic seller, and secondly, great marketing exposure. Our marketing strategy will guarantee you the fairest price in the current market for your property. If you decide to explore the auction route further, a member of our auction department will discuss the most effective pricing strategy to maximise interest on your property.

How do you get paid if I choose to sell my house for free?

If you choose to pay no fees, we charge the buyer a fee. This is called a reservation fee. It is calculated against the final selling price of the property once an auction is completed and the reservation fee is met. The reservation fee acts as a deposit to create greater security until exchange of contracts takes place.

Do I have to accept the highest bid for the property?

No, all properties are sold with an undisclosed minimum reserve price, (agreed with the seller). The only price the public see is the starting and actual bids. The reserve price remains confidential. Once the reserve price has been met and the auction is closed the sale will proceed. A reservation fee/deposit is then taken. If you choose to pay no sales fees, the reservation fee will not form part payment of the purchase price but will be paid in addition to cover the costs of the process.

Can I accept bids outside the auction process?

Yes, if you want to accept a bid to sell the property before the auction has finished. By law we are duty bound to put any offer forward to you. It will then be up to you to decide if you want to consider the offer and take the property out of the auction early.

How quickly will I have to move out?

Depending on which auction option you select this can be decided by you but will generally be between 28 – 56 days.

Is the bid binding?

We offer two main types of auction, Unconditional and The Modern Method of Auction.

Modern Method - The bid obliges the buyer to pay a reservation fee / deposit and sign a reservation form. The buyer reserves the right to unconditionally exchange contracts on the property at an agreed price within 28 days and complete 28 days after. This method is suitable for the residential sellers.

Traditional Method - Contracts are exchanged immediately with completion taking place within the next 28 days. Complete security is provided but this method is more suited to the property professional.

What is an Auction Pack?

An Auction Pack is a bundle of legal documents prepared before the property is sold via auction. This gives the buyer a chance to view the legal aspects of the property before purchasing. The pack normally includes: property information forms, fixture & fittings forms, official register copies, title plan, local search and water & drainage search, leasehold documents if applicable and auction terms & conditions.


If you are unsure about any of the information provided, please do not hesitate to contact a member of the Auction Department for further clarification. 

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Further Information

Do you need additional information about selling via auction? Get in touch with us today and one of our experienced advisors will be able to help you. 

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