There are major reasons for choosing Sale by Auction and it is by understanding these that sellers can decide that Auction is right for their property.
There is no faster way of selling. The process can take as little as four weeks from instructing us through to an exchange of contract. You will likely bank the proceeds of your sale within 8-10 weeks from going to the market.
Auction gives you a greater likelihood of selling your property than by private treaty. In recent years Auction House has sold around 75% - 80% of the lots offered. If you need a certain sale you really should consider the auction route.
When the hammer comes down you have exchanged contracts, your buyer is legally committed and can't change his mind. You will be so much better off than with an estate agent's sale where nearly one third collapse after they have been agreed.
Your property will be advertised in the local press and proactively sent out to a targeted database of local, regional and national buyers. Your property will be featured in our high quality catalogues which are mailed and emailed to thousands of interested buyers and extensively promoted on the web.
We set up special viewing days for your property. Each is hosted by a member of our auctions team who talk knowledgably about the potential that your property offers, and answer all manner of questions from prospective buyers. It is by talking with these viewers that we judge and develop their interest, and help guide you in setting the right Reserve Price.
Our aim is to generate interest from two or more prospective buyers and to encourage them to bid against each other in the auction room. The process of competitive bidding helps your property to achieve 'best price' on the day. Sometimes buyers are so anxious to acquire a property that they will put in a very strong pre-auction offer - if in our view that figure is unlikely to be reached or surpassed in the Auction Room, we will recommend its acceptance under auction rules, and with a condition that contracts are exchanged in advance of Auction Day.
Often properties achieve a sale price at auction in excess of the Guide Price. Regularly the result is ahead of that which might have been acceptable with a Private Treaty sale, but you can always be sure that it has achieved its best price on the day. This is especially important on Probate properties where Executors have a duty to achieve 'best price'; when sale by auction is chosen this is guaranteed and it's also open to public scrutiny.
With Private Treaty sales the price agreed often isn't the price that you finally receive. With Auction there is no renegotiation, no discounting to take account of survey findings or any last minute gazundering. With Auction your buyer will have fully researched the properties condition prior to bidding and cannot reduce the sale price after the hammer falls.
If you are in a hurry or have a deadline to meet, then Auction could well be right for you. From the outset you will know the date of the Auction and legal completion will usually be set for 28 days thereafter. This timescale is fixed and legally binding to the two parties. Financial pressures and the need to relocate or dispose of a property within a specific time frame can be accommodated and are almost always met with a sale by auction.
Many investment properties are now being sold by Auction without vacant possession being obtained in advance. By retaining the tenant the vendor will continue to receive rent until completion date and the purchaser will start receiving an income from that date onwards. Auction House sells a wide variety of occupied properties - Regulated Tenancies, Houses in Multiple Occupation, Assured Shortholds and other that are let commercially.