In a market where so much of what we do involves online services, we have partnered with Whoobid. Together, we have taken the out-of-date process of auctions and modernised it by bringing everything online. We’ve outlined everything you need to know about property auctions.
For some people, property auction is a more suitable way to sell their property. A property auction can often be a much quicker and secure way of selling a property. From a speed aspect, there are set timescales in which a buyer needs to exchange and complete. From a security point of view, the process is often seen as more legally binding, in comparison to selling on the open market. In some instances, there can be properties where it is tricky to put an exact value on. Therefore, an auction is often a great way of realising the true value of a property.
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.
We will prepare property details and take photos to produce brochures and all of our marketing material, you may also require an EPC which we can arrange if necessary.
We will instruct solicitors to produce your Auction Legal Pack for a predetermined fixed fee. The solicitors will liaise with you directly with any questions.
Upon receiving confirmation of the expected date for the Final Auction Pack with all of the searches, we will set an auction date and begin marketing through all of our usual online portals and our internal client database.
Viewings will be carried out at your property with prospective bidders, often in group viewings depending on interest levels. Interested parties can download the legal documents online for free prior to auction.
The auction will run for 3 hours starting on the day and time you set, interested parties will then be able to place bids on the property. There is a bidding feature that is designed to get you the best price for your property and this will make the auction extend by 3 minutes if there is a bid in the final minute to allow any counterbids.
Assuming your reserve is met the successful bidder will be bound by the terms of the auction.
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.
The traditional method of auction is the type you will think of when you hear the word ‘auction’ with exchange happening on the fall of the hammer and completion following within 28 days.
A modern property auction 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 up 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 both auctions, the winning bidder will be bound by our terms and the Buyers Premium will be paid.
