Sales | Lettings | Auctions

Auctions

Why We Offer Auctions?

In a market where buyers aren’t obliged to commit to purchasing a property and the rate of failed transactions and average conveyancing time is on the rise, we’re proud to present an alternative sales method. Our aim is to improve transaction security and significantly reduce the time it takes for our sellers to achieve completion. Through our collaboration with Whoobid Property Auctions, we have modernized the outdated process of traditional auctions by taking it online, which is the preferred starting point for the majority of property buyers. This online transition retains our agency’s invaluable marketing expertise and local knowledge. We bid farewell to the days of outdated and inefficient auction room sales that often lack flexibility, cater to limited areas, and suffer from poor advertising. We offer two auction methods: Traditional and Modern.

Traditional Method of Auction

This auction method follows the traditional concept: exchange happens when the hammer falls, and completion takes place within 28 days. We’ve modernized the sales process by taking it online, allowing convenient bidding from home and removing the stress of auction room sales. This online transition expands the market to more buyers who couldn’t attend in person. The winning bidder must comply with our terms and pay the Reservation Fee at the auction’s end.

Modern Method of Auction

This method is similar to a traditional auction, but with one key difference: it takes place online and doesn’t result in an immediate property exchange. Instead, the winning bidder enters an exclusivity agreement with 28 days to complete the exchange. This expands the auction market to include properties that may not suit traditional auctions, as buyers needing mortgage financing have time to secure funds. This means the market isn’t limited to “cash buyers” as in traditional auctions. The winning bidder must comply with our terms and pay the Reservation Fee at the auction’s end.

Benefits of Traditional Method of Auction

0% Sales Commission as our fees are paid by the buyer of the property.

Proceedable Buyers only as bidders need to have funds in place prior to auction and are often cash buyers.

Quick Sale with a tailored, fixed marketing period to generate interest with exchange taking place immediately after the auction and completion will be within 28 days.

Security as the buyer is legally bound to exchange and they will have made a significant financial commitment upon completion of the auction. Over 99% of sales using this method reach completion.

Maximise Interest by using a proven marketing strategy to drive competition between potential buyers to push the price up.

Simplify the Legal Process as much of the work will be done prior to the auction taking place.

Set a Reserve which guarantees the property will not sell below your agreed figure.

Benefits of Modern Method of Auction

0% Sales Commission as our fees are paid by the buyer upon them winning the auction.

Mortgage Buyers are also able to bid on your property as they have sufficient time to arrange finance which opens up your potential market.

Quick Sale with a tailored, fixed marketing period to generate interest, the winning bidder has 28 days to exchange following the completion of the auction – if they fail to do so you are free to remarket the property.

Security as the buyer will have made a significant financial commitment upon completion of the auction by way of the Reservation Fees. Over 95% of sales using this method reach completion.

Maximise Interest by using a proven marketing strategy to drive competition between potential buyers to push the price up.

Simplify the Legal Process as much of the work will be done prior to the auction taking place.

Set a Reserve which guarantees the property will not sell below your agreed figure.

How Does It Work?

1) Valuation

Following our initial conversation, our auction team will reach out to you to discuss the process in full detail before recommending reserve and guide prices.

2) Preparation

We will then create a tailored marketing strategy for your property, preparing property details, taking photos to produce brochures and marketing material ready for launch. You may also require an EPC which we can arrange if necessary.

3) Auction Pack

We instruct solicitors to produce your Auction Legal Pack. The solicitors will liaise with you directly with any questions.

4) Marketing

Alongside the production of the auction pack, we will set an auction date and begin marketing through all of our usual online portals. Your property will also be sent out to our internal database and Whoobid’s extensive nationwide client database.

5) Viewings

Viewings will be carried out at your property with prospective bidders, often in group viewings depending on interest levels. Interested parties can download the legal documents online for free prior to auction.

6) Pre-Auction

Upon buyers viewing the property and carrying out their due diligence, they will have the opportunity to make an offer under the same secure terms prior to the auction event. All of these offers will be presented to you for your consideration.

7) Auction Day

The auction will run for 3 hours starting on the day and time set, interested parties will then be able to place bids on the property. Bids placed in the final minute will extend the auction by 3 minutes, to ensure the best price is achieved. Assuming your reserve is met the successful bidder will be bound by the terms of the auction.

8) Post-Auction

Traditional Auction you will exchange instantly and completion will follow within 28 days. Modern Method you grant the successful bidder an exclusivity period in which they have 28 days to exchange.

Get A Free Valuation

Option 1

Get a free instant online valuation in just 60 seconds!

Option 2

Get an in-person valuation by one of our expert local property valuers!