Auctions / A Brief Guide to Selling a Property Through Auction
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Sheepscar Street North

Opening Times:
Monday to Friday -
9am to 5pm.
Saturday and Sunday - Closed.

Property Letting Viewing Times:
Monday to Friday -
9.30am to 4.30 pm.
Saturday and Sunday – No Viewings.
If you are considering selling a property at auction here is a guide:

Statistics say that about one in every 20 properties are sold via auction sales. As a seller, the major advantage is that at the fall of the hammer the property is legally sold and the buyer has usually 28 days within which to pay for it. The 10% deposit is paid on the day and the paperwork sent to the buyer’s conveyancer. At this point, the buyer is legally bound to buy the property on the completion date.

Prior to the auction, your conveyancer will organise an auction contract supported by a copy of the deeds, local authority search and possibly an environmental search. This pack is sent to the auctioneers at least two weeks prior to the auction day and is available for inspection by potential buyers and their conveyancers.

It is the buyer’s responsibility to ensure they have their finances in place and to instruct their conveyancer to inspect the contract pack before the day of the auction.

More often than not, potential buyers will make an offer on the property prior to the auction.

This will provide an indication as to the level of interest in the property. Your selling auction agent will advise you on the merits of the offers. It is unlikely they will advise you to accept an offer prior to auction unless there is little interest in the property. Or, of course, unless the offer is too good to refuse!

From placing the property on the market to legal completion of the sale will in standard circumstances span a period of about 10 weeks. The completion of the sale is therefore dealt with quickly and avoids the problems associated with a chain of transactions lower down the chain and the potential of delay or the chain failing.

It is a very positive way to sell a property especially an empty one.


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