Our guide to selling property at auction
Selling property at auction doesn’t need to be daunting, our guide to selling property at auction will help you understand the process further and our auction team are available to advise you further or answer any questions.
Auctions can be suitable for all types of property, including vacant residential and commercial properties, tenanted/investment properties, land/development opportunities, garage blocks and freehold ground rents.
Start with a FREE auction appraisal
Complete our auction appraisal form or call us on 0121 312 1212 to arrange a free, no obligation auction appraisal. One of our experienced auction valuers will meet with you at the property, if possible, to explain the benefits of selling by auction. The valuer will also discuss with you the price that they would expect to achieve and what guide and reserve price they suggest in order to realise the best possible price as well as answering any of your questions. We will offer our honest and impartial advice throughout the process.
If you would like to go ahead, you will need to sign our Terms & Conditions with the auction valuer or return them to our office with your identification. If you are selling in the auction room, you will also be required to pay a listing fee to enter the property into the catalogue. We will prepare the draft property description and send it to you for your approval.
We will commence marketing as soon as we receive your signed instructions. The property will be uploaded to Rightmove as well as our website, an auction board erected, and a bespoke marketing plan drawn up. The marketing plan usually consists of any local and/or national press advertising, and PR if applicable.
Viewings and offers
Where possible, we undertake block viewings, with several prospective buyers at any one time. We include as many properties as possible on our viewing schedule. This encourages more people to attend, as they don’t need to book an appointment and the times and dates are available in advance.
Any offers we receive in advance of the auction that are above your guide price will be confirmed to you in writing. We will offer our advice and recommendations as to whether we feel you should consider accepting a pre-auction offer, or if we feel you should let the property go to the auction. If you wish to accept an offer, the property will be sold early and withdrawn from the auction as soon as the purchaser has paid their 10% deposit and exchanged contracts, giving you all the benefits of a usual auction sale.
You will need to appoint a solicitor to prepare the legal pack in advance of the auction to include the title deeds, special conditions of sale, applicable searches and any other necessary legal documentation. These will be uploaded to our website for potential buyers to download and view free of charge in advance of the auction.
Fix the reserve price
Prior to the auction, we will provide feedback on the levels of interest, number of viewings and legal pack downloads. We will agree the final reserve price that you would like to set for the property. This is the minimum price the property can be sold for on the day.
Whether your property is being sold in an in-room or online auction, your property will be sold with an immediate exchange of contracts and a non-refundable deposit taken, usually 10% of the sale price.
We register all potential bidders attending the auction, photograph every buyer, take identification and undertake an Anti-Money Laundering (AML) check to ensure that the sale is as secure as possible and there’s little chance of the buyer not proceeding. We also offer proxy, telephone and internet bidding for anyone not able to attend the auction in person, ensuring that we don’t miss out on any potential bids.
For an online auction, all bidders must pre-register, providing their debit card details and undergoing an AML check so they are pre-approved to bid, again giving you the security of sale.
Completion usually takes place within 28 days of the exchange of contracts. However, this can vary in length depending on your circumstances. We will liaise with your solicitor on the day of completion and release the keys or arrange access for the purchaser, if applicable.