Our guide to selling property at auction
Selling property at auction doesn’t need to be daunting, our guide will help you understand the process 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, commercial & mixed-use properties, tenanted/investment properties, land/development opportunities, garage blocks and freehold ground rents.
Start with a FREE auction appraisal
One of our experienced auction valuers will meet with you at the property, if possible, or telephone you 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.
Instruction & AML Check
If you would like to go ahead, you will need to sign our Terms & Conditions with the valuer or via the e-sign document we will send by email. If you are selling via our live-streamed auction, you will also be required to pay a listing fee to enter the property. We will prepare the draft property description and send it to you for your approval.
It is a legal requirement to undertake an AML (Anti-Money Laundering) check for each seller before we can start marketing. You will receive a link by text message and email from Credas to complete the check. This will include taking a photo of your original identification such as your passport or driving licence and completing a liveness check by taking a selfie.
We will commence marketing as soon as we receive your signed instructions and have completed our AML checks. The property will be uploaded to the three leading portals to include Rightmove, Zoopla and OnTheMarket as well as our website and Facebook Marketplace, erect an auction board, prepare a 360° virtual tour (if possible) and draw up a bespoke marketing plan. The marketing plan usually consists of email alerts to our extensive electronic database, social media, inclusion in our PDF catalogue, any national press advertising, and PR if applicable.
Viewings and offers
We encourage interested parties to view our popular 360° virtual tours, giving potential purchasers the opportunity to look at the property from anywhere in the world. We include as many properties as possible on our viewing schedule with the times and dates listed on our website and property portals so people can turn up on the time and day that is convenient for them.
Any offers we receive in advance of the auction that are above your guide price will be confirmed to you by email. 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, virtual tours watched 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, so it will never be sold for less than you are prepared to accept.
Whether your property is being sold in our live-streamed or online auction, your property will be sold with an immediate exchange of contracts on the auction day/at the end of the online auction and a non-refundable deposit taken, usually 10% of the sale price subject to a minimum of £5,000.
We carryout AML/identity checks and securely register debit card details for all bidders in advance of the auction so we know exactly who has registered, giving you the highest level of certainty that they are genuinely looking to complete any successful purchase.
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.
Free no obligation auction appraisal
For further information about selling a property at auction or to arrange a free no obligation appraisal, please complete the following form and one of our experienced valuers will contact you to talk through your options.