PROPERTY AUCTION SERVICE
TRADITIONAL AUCTION
This is the method of auction you think of when you hear the word ‘auction’ with exchange happening on the fall of the hammer and completion following within 28 days.
We have taken the outdated method of sale and modernised it by putting the process online, allowing people to bid from the comfort of their own homes, taking away the anxiety and pressure that often comes with auction room sales. By making this an online process, we are opening the market up to a wider range of buyers who may have otherwise not been able to make it to an auction room.
At the end of the auction the winning bidder will be bound by our terms and the Buyers Premium will be paid.
MODERN METHOD
This works in exactly the same way as the traditional auction whereby the auction takes place online, however the property does not exchange on the fall of the hammer. Instead, the winning bidder agrees to enter into an exclusivity agreement which grants the winner 28 days in which to exchange.
This method of sale opens the auction market to properties that may not have been suitable for traditional auction, as motivated mortgage buyers will have time to raise finance on the property. This means that you are not narrowing your market to predominantly ‘cash buyers’ as with traditional auctions.
At the end of the auction the winning bidder will be bound by our terms and the Buyers Premium will be paid.
HOW DOES IT WORK?
STEP ONE
We will value your property and liaise with our auction team, to create a tailored marketing strategy and discuss Guide Prices and Reserve Figures with you.
STEP TWO
We will prepare property details and take photos, to produce all of our marketing material - you may also require an EPC which we can arrange if necessary.
STEP THREE
We instruct Lawyers to produce your Auction Legal Pack for a pre- determined fixed fee. The lawyers will liaise with you directly regarding any specific questions.
STEP FOUR
Upon receiving confirmation of the expected date for the Final Auction Pack containing all of the searches, we will set an auction date and begin marketing through our usual online portals and our internal client database.
STEP FIVE
Viewings will be carried out with prospective bidders, often in group viewings depending on interest levels. Interested parties can download the legal documents online for free, prior to the auction.
STEP SIX
The auction will run for three hours on the day and time we have set. All interested parties will then be able to place bids on the property/land.
STEP SEVEN
Assuming your reserve is met, the successful bidder will be bound by the terms of the auction.
STEP EIGHT
Traditional Auction - You will exchange instantly and completion will follow within 28 days.
Modern Method - You grant the successful bidder an exclusivity period in which they have 28 days to exchange.