There are two components needed to maximise the chances of a a sale through the auction: Firstly, a motivated and realistic seller, and secondly, great marketing exposure. If you decide to explore the auction route further, a member of our auction department will carry out research and honestly discuss the best pricing strategy to maximise interest in your property. However the final decision will always lie with you, the seller.
Most of the properties auctioned on the site are live for 30 days, and at any point during this time you can place a bid on a property. You can tell how much time is remaining on a specific auction by looking on the search section or by clicking in to the property details where the time remaining will be displayed in the top left hand corner.
We charge the buyer a fee when a transaction is completed; this is called a reservation fee. It is calculated against the final selling price of the property once an auction is completed and the reserve is met. The reservation fee acts as a deposit until exchange of contracts takes place.
No, all properties are sold with an "undisclosed" minimum reserve price (agreed with the seller). The only prices the public see are the starting and actual bids. The reserve price remains confidential. Once the reserve price has been met and the auction closed, the sale will go through. A reservation fee is then taken which acts as a deposit but is not part-payment of the final sale price.
Yes, if you want to accept a bid to sell your property before the auction has finished that’s fine. By law we are duty bound to put any offer for the property forward to you. It will then be up to you to decide if you want to consider the offer and take the property out of the auction early. However in a scenario where this happens the reservation fee is still payable by the buyer and the terms and conditions of the auction still apply.
This is the modern method of auction, the bid binds the buyer to pay a reservation fee and sign the reservation form. It does not bind the buyer to buy the property but instead allows them to reserve the right to exclusively exchange contracts on the property at an agreed price within 28 days of the bid being accepted.
We use the modern method of auction, which means that when the auction closes the winning bidder has 28 days to exchange contracts and a further 28 days to complete the purchase. This additional time over the traditional method makes it more appealing to buyers buying with finance or a mortgage because there is more time to get the necessary paper work in place and completed.