Benefits of Selling at Auction
Faster completion time
Auction is the fastest way to sell a property. The whole process, from instruction through to completion, can take as few as 8 weeks. When the gavel is knocked down, a legally binding contract is formed between the buyer and the seller, and the majority of sales then complete within the following 28 days. Properties best suited to the auction process include; residential or commercial properties that are suitable for investment or in need of refurbishment, development opportunities, repossessions, probates, chain free sales, land, and properties with quirky appeal that are difficult to value.
No price ceiling
In the auction room anything can happen, well apart from your property selling for less than you have authorised. Competitive bidding wars between eager purchasers can lead to buyers paying more than they would have done had they had more time to negotiate outside of the auction room. Once a property is bid up to its reserve price, we are legally obliged to sell. This puts pressure on other interested parties to act on instinct with the knowledge that unless they make a counter bid, they will miss out.
Properties for sale by auction benefit from broader, more intense marketing, before, during and, if necessary, after the auction, to ensure maximum awareness is generated throughout the short selling period. Over 5,000 investors from the UK and abroad subscribe to receive our auction catalogues, which are available in print and online. We also put for sale boards up on properties, with the auction date on. This, teamed with an effective blend of print and digital marketing ensures we leave no stone unturned in our efforts to find you a buyer.
Reduced risk of sale falling through
When the gavel falls, the purchaser is legally obliged to pay a 10% deposit. The remaining balance must then be paid, in full, within the 28 days that follow. This avoids the uncertainty sometimes felt when selling through more conventional methods, by preventing buyers from withdrawing at a late stage in the process.
Known completion date
Properties sold at auction complete within 28 days, enabling you to identify your completion date and plan ahead. If you have found your next property but need to sell your old one before completing, auction could be your solution. By delaying completion, you run the risk of waiting too long for a buyer and during this time you could lose out on your new home. We regularly receive instructions from frustrated vendors unable to sell through estate agency, looking for a quick sale. So if it is a quick sale that you're after, auction is your answer.