One alternative to selling your property the traditional way, is putting it up for auction. This process can be speedier and offer a more transparent experience between seller and buyer.
Going to auction can also bring a larger pool of interested buyers; including investors, developers, and property dealers.
James Smale, our Sales Manager, has shared his advice for going to auction…
Q: What’s the difference between a traditional and modern auction?
A: The traditional auction does what it says on the tin, it’s the fall of the hammer, ‘going once, going twice!’ auction you would typically see on classic daytime television shows.
If you prefer to go with modern auction, this takes place online and instead of the traditional fall of the hammer, the winning bidder enters an exclusivity agreement allowing 28 days to exchange. Compared to traditional auctioning, this doesn’t limit you to strictly ‘cash buyers.’
Q: What are the steps to getting my property auctioned?
A: We can help you every step of the way at Belvoir. Below is an overview of the steps you will take, with our support. More details can be found on our dedicated Auction Page.
- We will view and value your property and will discuss guide prices and reserve figures.
- We will prepare property details and take photos to produce brochures and marketing material, we can also arrange an EPC if necessary.
- We will instruct solicitors to produce your Auction Legal Pack for a predetermined fixed fee.
- With confirmation of the expected date for the Final Auction Pack, we will set an auction date and begin marketing.
- Viewings will be carried out at your property with prospective bidders. Interested parties can download the legal documents online for free prior to auctioninf.
Q: What can I expect from the auction itself?
A: The auctioning will run for 3 hours starting on the day and time you set. There is a bidding feature to get you the best price for your property, which can extend the auction by 3 minutes if there is a last-minute bid.
When the winning bidder is selected, the process will move quickly. Having all the correct paperwork in place ahead of the auction can keep things running smoothly, bringing a positive experience for you (the seller) and the buyer!
Our expert team here at Belvoir are happy to advise and guide you through this auctioning process. If you’re interested in finding out more about auctioning your property, get in contact with us today.
