With many benefits to it, selling property at auction is becoming more and more popular. Countrywide Property Auctions (South West) have worked with many clients to successfully help them sell their property at auction.
Selling a property at auction can feel like a big risk and possibly a confusing prospect, especially if you have never sold a property at auction before. So, we have answered some general questions to help talk you through the process of an auction; from getting started to completing a sale.
The first thing you will need to do when thinking of selling at auction, is to arrange a market appraisal to get a valuation on your property. Countrywide Property Auctions provide this completely free and with no obligation, so this is a good way to get an idea of whether your property is going to be suitable to sell at auction. Our expert valuers will also confirm whether this is the best option for your property, and will provide you with an accurate valuation.
If you decide to go ahead and sell your property at auction, then you will need to instruct us as your property auctioneers. At this point you will need to provide us with a guide price for your property; this should be realistic and based on the property valuation received at your market appraisal. We will also require you to pay your entry fee, and sign any necessary documentation at this stage.
Once you have formally instructed us as your property auctioneers, we will then start the process of marketing your property across all appropriate channels. This will include being featured in our latest catalogue, which is sent out to around 10,000 investors throughout the UK and overseas. We will also list your property on our website, as well as third-party property sites. The auction is also promoted by regular advertising in key press.
When selling a property at auction you will need to instruct a solicitor who is able to provide you with a legal pack, containing all of the necessary legal documentation such as terms of sale. Your solicitor will also manage the sale through to completion, should you receive an offer, and will liaise with the buyers solicitor on your behalf.
Potential buyers will want to view the property prior to the auction, so we will need to be given access to the property in order for us to arrange viewings, so we will request that a set of keys for the property are left at our office.
Buyers are able to provide an offer on your property prior to the auction day. If this happens, we will always contact you to discuss this and provide our professional advice on this. Whether you accept the offer, or not, is completely at your discretion.
The catalogue of properties are offered out in lot order on the auction day. If bidding on your property reaches or exceeds the reserve price, the auctioneer will sell to the highest bidder. Once the gavel falls, this signifies a binding agreement between yourself and the buyer. The buyer is required to pay a 10% deposit of the overall amount on the day either by cheque, bankers draft, or debit card. The remaining amount is required to be paid within the 28 days following the auction.
If your property sells at auction, your solicitor and the buyers solicitor will liaise and start the exchange of contracts. Completion then usually takes between 3-4 weeks.
Buyers can still make offers on a property after an auction, so if your property doesn’t sell on the day of the auction, we will continue to market the property for up to 8 weeks following this.
If you are thinking of selling your property at auction, please don’t hesitate to get in touch with our team of professional property auctioneers, or arrange your free marketing appraisal today!