How do property auctions work?
There are 8 simple steps that are taken to sell a property at auction.
- Property valuation – contact us for a free valuation where we can advise on the value and the best way to sell your property by unconditional auction, or conditional auction.
- Reserve price – we will agree a confidential reserve price with you, which is the minimum the property can be sold for.
- Marketing – using modern marketing techniques including virtual tours, we will generate as much interest as possible prior to auction day.
- Legal pack – your solicitor will need to prepare a legal pack for your property which interested buyers can inspect before they bid at auction.
- Viewings - set times and dates are arranged for interested buyers to be shown your property by our local experts.
- Auction day – our online auctions take place every month. Watch the bids live on your property from wherever you are at the time!
- Contract exchange – when the reserve price is met or exceeded, contracts are exchanged with the highest bidder when the auction ends, and your property is sold. The buyer signs the sale memorandum and pays a 10% non-returnable deposit.
- Completion – success! Completion normally takes just 4-6 weeks after the auction and this is when you’ll receive the balance of the sold price.
