Property auctions are rapidly developing into a spot where you can discover all kinds of properties – not just ‘fixer-uppers’.
Here's everything you need to know about selling your property at auction, including if it's a smart option and how the process works.
1. Locate an Auction House
The first stage to selling your home at auction is to find a reliable auction house.
When exploring online, you'll most likely come across two types of auctions: online and in-person auction houses.
They both provide the same service; one is just delivered virtually while the other is in person.
When searching for an auction house, always check (and compare) factors like company reviews, marketing techniques and costs related with the sale.
2. Provide Your Details
Prepare to answer questions like:
- Is the property already on the market?
- Is there a mortgage?
- What is the ownership status?
- The property’s condition
- Any legal challenges you may be aware of
- The estimated value
- How promptly do you need the transaction to go through
3. Get Your Estimate
We can give you an estimated figure of how much your property could possibly sell for.
4. Sign the Contracts
If you’re pleased with the auction house and the service they give, it’s time to get ready.
You’ll be asked to sign the paperwork agreeing to the terms and conditions of the sale, including things like what the guide and reserve price will be.
5. Instruct Your Solicitor
You’ll need to instruct your solicitor before you put the property on the market with an auction.
This is because the turnaround time for an auction sale is typically very fast, so potential buyers need to check the legal pack before they bid.
6. Auction Takes Place
The auction will be held, and your home will be sold in the process.
The property could be taken off your hands in less than a month, depending on the amount of time your auction house gives the buyers.
Selling Up?
If you’re not sure whether selling your home at auction is a good idea, we’d love to chat!
We are your local property experts in the area and we can help talk through your selling options. Contact the Sansome & George Auction team on: 01256 807 111
