How To Sell at Public Auction

Property appraisal

If you have decided that the auction route might be right for you, our property valuers are able to offer a free market appraisal and advise you whether they think your property is suitable for sale by auction. When advising on sales we will always consider whether a property is more suitable for sale by auction or private treaty.

Guide price

After your property valuation a guide price will be recommended, which will help you to decide whether to progress with selling at auction. It is important to set the guide price at a realistic level which is attractive to buyers. This will generate competitive bidding in the auction room and ensure that best value is achieved.

Quick results

The entire process, from instruction to exchange of contracts, can be achieved within as little as six to eight weeks. Our experienced team offers a streamlined service aimed at securing the best price for your property with the least amount of stress.

Marketing

After agreeing on both a suitable guide price for your property and property sale commission fee, you will receive an auction agreement which you will sign and return before marketing begins.

Sales particulars

Once we have been formally instructed, the property will be inspected, measurements taken and the property will be photographed. Draft sales particulars will then be forwarded to you and to your solicitors for approval and/or amendments.

Legal pack

Your solicitors will be instructed to prepare a legal pack with special conditions of sale, title documents, leases (where applicable), searches, planning documentation and office copy entries so that they are ready for viewing at the Agents Office.

Proof of identity

If McCartneys has not sold for you before we shall require proof of your identity and address before we can market your property.

Marketing your property

Marketing will start approximately six weeks prior to the auction sale. The Auction Catalogue details all the lots that will be offered in the next sale and includes colour photographs of each property. The catalogue is distributed to those who request a hard copy as well as being available online.

In addition to featuring your property online, the catalogue is sent to prospective buyers such as private investors, property companies and developers. Your property will be featured in key property publications, as well as appearing in local and regional newspapers.

Viewings and Surveys

Potential purchasers may want to view your property during the marketing period and have a survey carried out. Let us know how you would prefer viewings to be arranged and we shall arrange access for buyers.

Reserve price

Prior to selling your property at auction, a reserve price will be agreed with you. This is the level below which the auctioneer will not be authorised to sell – basically a reserve price is the lowest price you are prepared to accept for your property. It is important that the reserve price is set at a realistically achievable level.

The Auction Day

For vendors it is important to note that the fall of the hammer represents an exchange of contracts and the successful bidder is legally obliged to pay a deposit, usually 10% of the purchase price, and sign a memorandum of sale before leaving the room. The buyer has purchased your property at the final bid price. They cannot renegotiate and cannot change any of the terms stipulated. Completion usually occurs 28 days after the auction when the balance of the price is payable.

Property at auction, but reserve price not reached?

If your property fails to meet its reserve price at the property auction, someone may still wish to buy it. You will need to decide whether to accept any subsequent offer and advise the auctioneer accordingly. The property may even be sold in the days or weeks after the sale as we continue to market the property. It is quite common for an unsold property to sell within 24 hours of the auction ending as potential buyers may have simply been delayed.

Future Property Auctions

If you want to sell property fast and receive a realistic price for your property, then selling your property at auction is definitely right for you.

If you decide that you want to proceed with the auction process you will need to register your property with us in good time – at least 6-8 weeks ahead of the scheduled auction date to ensure your property receives the maximum exposure.

       

Property Buying Guide

Please click here to read the Property Auction Buying Guide

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