ABOUT ONLINE AUCTIONS
What is the modern method of auction?
The modern method of auction is known as a conditional auction. A conditional auction occurs when an offer is accepted or at the close of the auction, the buyer must also place a non-refundable reservation fee to reserve the property.
Twenty eight days are given to the buyer to exchange contracts; this is followed by another 28 days to then complete the purchase. The modern method of auction is the preferred method of many buyers as it offers greater flexibility whilst still securing a sale on the property.
Selling a property through the modern method of auction provides our vendors with many benefits. Please call us to see what we can do for you!
Why sell through our new modern property auction?
0% commission to pay on all sales*
To sell your property with us via auction you do not have to pay any selling fees whatsoever. The money you save can be spent on something a little more interesting like a holiday or a new car perhaps? Our costs are covered by the reservation fee that we charge to the buyer.*
The legal pack is £180, refundable on completion
A fixed date to move and sell
Complete clarity is provided for both parties as, upon the close of the auction, your property is tied into a fixed time scale for exchange and completion. Many sales tend to take longer than anticipated and therefore a fixed timescale is rarely set when selling a property through private treaty.
A non-refundable reservation fee
A non-refundable reservation fee is paid by the buyer of the property and is calculated against the final selling price of the property. This is paid upon the close of the auction. You have the reassurance that the buyer is serious and able to proceed with the sale as the reservation fee paid is non-refundable.
Achieve current market value
We are able to guarantee that you will get the best price on the current market with us as we provide a unique pricing strategy and fantastic marketing. By working with us you will receive increased levels of interest in your property which we create using our unique pricing strategy. Higher levels of interest result in more offers and a higher end of sales price.
Frequently Asked Questions…
How do you get paid if I sell my house for free?
When a transaction is completed the buyer is charged a reservation fee; we calculate this against the final selling price of the property once an auction is completed and the reserve is met. We use the reservation fee as a deposit until exchange of contracts takes place.
How long does an auction last for each property?
The majority of properties that are auctioned on our website are live for approximately 30 days, and at any point during this time a bid can be placed on a property. By looking in the search section of our website you are able to check how long is left on a specific auction. You can also do this by clicking on to the property details, where the time left on the auction will be displayed above the current bid.
Is my property going to sell?
The two components needed to maximise the chances of a sale through auction are a motivated and realistic seller and great marketing. If you make the decision to explore the auction route further, a member of our auction department will openly 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 as the seller.
Do I have to accept the highest bid for my property?
No, you do not have to accept the highest bid. All properties are sold with an undisclosed minimum reserve price that has been agreed with the seller. The public are only able to see the starting bids & the actual bids. The reserve price is confidential.
The sale will go through once the reserve price has been met and the auction closed. Following this a reservation fee is taken which acts as a deposit; this fee is not part payment of the final sale price.
Can I accept bids outside the auction process?
Yes, if you want to accept a bid to sell the property before the auction has finished that’s fine. We are duty bound to put any offer for the property forward to you by law. You can then decide if you want to consider the offer and take the property out of the auction. If this were to occur, the auctions terms and conditions would still apply which would mean that you would still pay no fees to sell as the reservation fee is still charged to the buyer.
Is the bid binding?
The bid binds the buyer to pay a reservation fee and sign the reservation form; this is a result of using the modern method of auction. However, this does not bind the buyer to buy the property. Instead it enables them to reserve the right to exchange contracts on the property. This would be within 28 days.
What will my home sell for?
In the current market, a property will always sell for what it is worth. Modern auction provides a transparent market place where buyers bid against each other. A property is only worth what a purchaser is willing to pay. As a result of selling through auction, willing purchasers are grouped together meaning you get the best offer available!