Selling
Why sell through the online property auction?
When thinking about selling your property there are many options out there, but not many methods of sale can offer the following key benefits:
1) 0% commission to pay. That’s right zilch, zero, not a penny - how can you
beat that?
You pay no fees whatsoever to sell your property. So the money you’re going to save can be spent on something a little more interesting... a holiday perhaps? We charge the buyer a reservation fee which covers our costs.
2) A fixed date to move and sell!
Upon the close of the auction your property will be tied in to a fixed timescale for exchange and completion. This provides complete clarity for both parties. A fixed timescale is not often set when selling a property through the normal estate agency route with many sales taking much longer than anticipated.
3) The benefit of a non-refundable reservation fee
Upon the close of the auction the buyer of your property will pay a non-refundable reservation fee calculated against the final selling price. As the fee is paid on a non-refundable basis, you know that your buyer is serious and in a proceedable position.
4) The best price in the current market
Think about how an owner of a piece of fine art maximises its value? They sell at auction! Due to the increased marketing and unique pricing strategy that we operate, we guarantee to get you the best price in the current market for your property.
Answers to some of the most frequently asked questions...
Is my property going to sell?
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 honestly discuss with you the best pricing strategy to maximise interest on your property. However the final decision will always lie with you, the seller.
How long does the auction last for each property?
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 clicking in to the property details where the time remaining will be displayed in the top left corner.
How do you get paid if I sell my house for free?
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.
Do I have to accept the highest bid for the property?
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 is 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.
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. 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.
Is the bid binding?
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.
How quickly will I have to move out?
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 purchasers buying with finance or a mortgage because there is more time to get the necessary paper work in place and completed.
Further Information
If you still have any unanswered questions or wish to talk to someone further about the prospect of entering a property for auction please don’t hesitate to contact a member of our auction department. They are approachable, friendly and able to offer honest and sensible advice about selling via the modern method of auction.
