The Sellers Guide to Property Auction

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Residential Sellers Guide

Choose Your Sales Method

Modern Method

Upon the close of the auction, the successful purchaser is required to pay a reservation fee/deposit and sign a reservation form. In return for this the buyer reserves the right to unconditionally exchange contracts on a property at an agreed price within 28 days and complete 28 days thereafter. This method is more suited to the residential purchaser, allowing time for surveys and finance to be arranged.

Traditional Method

Contracts are exchanged immediately, with completion taking place within the next 28 days. Complete security is provided but this method is more suited to the property professional as it is legally binding.

Choose Your Preferred Payment Method

Vendor Paid

You can opt to pay the sales fee instead of the fee being charged to the purchaser. If you decide to do this we will take a non refundable deposit from the buyer secure the sale.

 

Reservation Fee (Paid by the Buyer)

Under this payment method, the buyer will pay a non refundable reservation fee in addition to the purchase price. This covers the costs of the auction and as this is paid on a non refundable basis, you know the buyers is serious and in a proceedable position.

The Auction & Sales Progression

Once you have selected your auction and payment type, you will be assigned a personal auction coordinator who will keep you updated with viewing feedback and bids. Your auction coordinator will become your point of contact; they will provide weekly activity updates and guide you through the process. Upon successful conclusion of the auction, our expert sales progression team will manage the sale through to completion and keep you updated at every step along the way.

Auction Packs

If you decide to sell your property via auction, you will need an auction pack for your property. These packs contain important information about your property that a potential purchaser needs when deciding whether to bid. These packs include the following things:

  • Local Authority Search
  • Property Information Questionnaire
  • Water & Drainage Search
  • Reservation Form or Contract
  • Title Plan & Register or Epitome of Title
  • General Terms & Conditions
  • Fixture & Fittings Form
  • Any special Conditions of Sale

We can provide a pack for you. If you choose to instruct us on the sale of your property we will discuss all the options and costs with you. Should you wish to provide your own auction pack we will need a copy before we are able to successfully sell your property.

Seller Benefits

An increase in interest on your property

The pricing strategy that we employ creates increased levels of interest and viewings that heightened the chances of selling your property quickly.

Achieve fair market value

Think about how an owner of a piece of fine art maximises its value? They sell it at auction! Due to the increased marketing and unique pricing strategy that we operate, we guarantee to get you the fairest price in the current market. A property will always sell for what its worth, plus you have a reserve price so you know it won't sell for anything less than the one you are happy with.

A fixed date to sell & move

Fixed time scales for exchange & completion provide clarity for both parties. A fixed time scale is not often set when selling a property through private treaty with sales taking much longer than anticipated. This added security is a big benefit to most vendors looking to move forward with confidence.

If you are unsure about any of the information provided in this guide, please do not hesitate to contact a member of the Auction Department for further clarification. 

Commercial & Agricultural Sellers Guide

Choose Your Sales Method

Modern Method (Conditional)

Upon the close of the auction, the successful purchaser is required to pay a reservation fee/deposit and sign a reservation form. In return for this the buyer reserves the right to unconditionally exchange contracts on a property at an agreed price within 28 days and complete 28 days thereafter. This method is more suited to the residential purchaser, allowing time for surveys and finance to be arranged.

Traditional Method (Unconditional)

Contracts are exchanged immediately, with completion taking place within the next 28 days. Complete security is provided but this method is more suited to the property professional as it is legally binding.

Payment Method Options

Vendor Paid

You can opt to pay the sales fee instead of the fee being charged to the purchaser. If you decide to do this we will take a non refundable deposit from the buyer secure the sale.

Reservation Fee (Paid by the Purchaser)

Under this payment method, the buyer will pay a non refundable reservation fee in addition to the purchase price. This covers the costs of the auction and as this is paid on a non refundable basis, you know the buyers is serious and in a proceedable position.

The Auction & Sales Progression

Once you have selected your auction and payment type, you will be assigned a personal auction coordinator who will keep you updated with viewing feedback and bids. Your auction coordinator will become your point of contact; they will provide weekly activity updates and guide you through the process. Upon successful conclusion of the auction, our expert sales progression team will manage the sale through to completion and keep you updated at every step along the way.

Auction Packs

Modern (Conditional)

We can provide an Auction Pack including Title Register, Title Plan and CPSE's. We can also provide a quote to obtain the relevant searches and seek reimbursement from the purchaser upon successful sale. The buyer will be granted 28 days to exchange contracts ( from receipt by the buyer's colicitors of a draft contract), with completion to take place within 28 days thereafter.

Tradtional (Unconditional)

We will require an Auction Pack provided by the seller's solicitors (at seller's cost). We will liaise with the seller's solicitor to obtain the necessary. This will allow an immediate exchange of contracts upon successful bid, with completion to take place within 28 days thereafter.

Seller Benefits

An increase in interest on your property

The pricing strategy that we employ creates increased levels of interest and viewings that heightened the chances of selling your property quickly.

Achieve fair market value

Think about how an owner of a piece of fine art maximises its value? They sell it at auction! Due to the increased marketing and unique pricing strategy that we operate, we guarantee to get you the fairest price in the current market. A property will always sell for what its worth, plus you have a reserve price so you know it won't sell for anything less than the one you are happy with.

A fixed exchange/completion timescale

Fixed time scales for exchange & completion provide clarity for both parties. A fixed time scale is not often set when selling a property through private treaty with sales taking much longer than anticipated. This added security is a big benefit to most vendors looking to move forward with confidence.

If you are unsure about any of the information provided in this guide, please do not hesitate to contact a member of the Auction Department for further clarification. 

Seller's FAQ

Below are a selection of common queries from our sellers. If you need any further help in understanding the selling terms and process, don't hesitate to get in touch.

Is my property going to sell?

There are two main components needed to maximise the chances of selling your property; firstly a realistic seller and secondly great marketing exposure. With our marketing and unique pricing strategy we guarantee the best price in the current market for your property.

If you decide to explore the auction route further, a member of the auction department will discuss the best pricing strategy and marketing route to ensure we maximise interest in your property.

Do I have to accept the highest bid for the property?

No, all properties are sold with an undisclosed minimum reserve (agreed with the seller). The only figures the public see will be the starting bids price and the current highest bid. The reserve price remains confidential as we hope bidding will continue past the set reserve price.

If at the end of the auction the reserve has been met or exceeded, then the highest bid is deemed acceptable. If the reserve has not been met then it is a decision for the seller as to whether they will accept the highest bid.

Can I accept bids outside the auction process?

Yes, if you want to accept a bid prior to the end of the online auction or before the public auction event then that is your decision. By law we are required to make you aware of all offers. It will then be up to you to consider the offer and you may decide to accept the bid. 

How quickly will I have to move out?

Depending on which auction option you select this can be decided by you but will generally be between 28 – 56 days.

Is the bid binding?

We offer two main types of auction, Unconditional and The Modern Method of Auction.

Unconditional Auction - Contracts are exchanged immediately with completion taking place within the next 28 days. Complete security is provided and this is the fastest and most secure method of sale.

Conditional Auction - The bid obliges the buyer to pay a reservation deposit and sign a reservation form. The buyer reserves the right to unconditionally exchange contracts on the property at an agreed price within 28 days and complete 28 days after. 

What is a Legal Pack?

A Legal Pack is a bundle of legal documents prepared before the property is sold. This gives the buyer a chance to view the legal aspects of the property before purchasing. The pack includes: Contract for Sale, Certified Copy Folio and File Plan, Planning Permissions and Certificates of Compliance/Exemption, Receipts for property taxes and levies paid and Any special Conditions of Sale.

What is an Auction Pack?

An Auction Pack is a bundle of legal documents prepared before the property is sold via auction. This gives the buyer a chance to view the legal aspects of the property before purchasing. The pack includes: property information forms, fixture & fittings forms, official register copies, title plan, local search and water & drainage search, leasehold documents if applicable and auction terms & conditions.


If you are unsure about any of the information provided, please do not hesitate to contact a member of the Auction Department for further clarification. 

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Further Information

Do you need additional information about selling via auction? Get in touch with us today and one of our experienced advisors will be able to help you. 

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