Selling your Property at Auction
- Do you have a unique property?
- Do you have a property that you need to sell quickly?
- Do you have a property that is run down or is not suitable for mortgage lending?
- Do you want the certainty of knowing that once the hammer falls the contract is binding and completion will take place on a set day?
If so, you may have been advised by your estate agent to offer the property for sale by auction.
For a fixed fee, we can prepare an auction pack for you and ensure that all of the legal documentation is available to prospective purchasers in good time for the auction. We will also deal with any legal enquiries raised by prospective purchasers prior to the auction.
Any special conditions that you wish to impose on the purchaser will need to be included in the auction pack. For example, you may want your search fees reimbursed by the buyer on completion or you may want the buyer to construct a fence within a defined timeframe following the auction. We will discuss these with you prior to finalising the pack and make sure that they are included in the auction contract.
When a property is sold by auction, the highest bidder on the day will obtain the property, provided that the bid is higher than the reserve price (the lowest price at which you would be happy to sell) that you have agreed with the auctioneer. Completion will take place on a fixed date, usually 28 days following the auction but this can be decided by you. The fall of the auctioneer's hammer is the equivalent of exchange of contracts in a standard transaction.
Many clients find selling at auction an exciting time. If there is a lot of interest, you may achieve far more than the guide price for the property or the reserve that you have imposed. However, if there is no interest or the reserve is not met, you may not sell the property on that day and you will have to reconsider your sale strategy.