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Frequently Asked Questions
Selling your property at auction can be a faster and more efficient way to achieve a sale. Auctions also tend to attract serious buyers who are ready to commit to a purchase, and the competitive bidding process can result in a higher sale price.
A property auction is a public sale of a property where potential buyers bid against each other to purchase the property. The highest bidder at the end of the auction becomes the new owner of the property.
Property auctions in the UK typically take place in a physical auction room or online. Prospective buyers must register before the auction and provide proof of identification and a deposit. Bids are made verbally or online, and the highest bidder wins the property.
Anyone can buy a property at auction, provided they have the means to pay for it. However, it is important to research the property thoroughly before making a bid and to have financing in place.
Not necessarily. While properties at auction may sometimes sell for less than their market value, this is not always the case. It is important to do your research and compare prices before making a bid.
The reserve price is the minimum amount that the seller is willing to accept for the property. If the bidding does not reach the reserve price, the property will not be sold.
Yes, it is usually possible to view the property before the auction. It is important to do so in order to get an accurate idea of the property's condition and potential value.
If you win the auction, you will be required to pay a deposit immediately and sign a legally binding contract. You will also need to pay the remaining balance within a specified timeframe, typically within 28 days.
Selling your property at auction can be a quick and efficient way to sell your property, with the potential to attract multiple bidders and achieve a higher sale price than through traditional methods.
The reserve price is typically set by the seller in consultation with the auctioneer. It is important to set a realistic reserve price to ensure that the property attracts bidders, but also to ensure that the seller is not forced to sell the property for less than its true value.
If the property is not sold at auction, the seller can choose to relist the property for auction at a later date or consider other methods of sale.
Yes, the completion time for a property sold at auction is generally faster than a traditional property sale, as the sale is usually completed within 28 days after the auction date.
It is possible to change the reserve price once it has been set, but this must be done in consultation with the auctioneer. It is important to ensure that the reserve price is set at a realistic level to attract bidders and achieve the best possible price for the property.
Yes, you can set a reserve price higher than the guide price. However, it is important to set a realistic reserve price to ensure that the property attracts bidders and does not deter potential buyers.
Selling your property at auction can offer several benefits, including a faster sale, a competitive bidding process that can result in a higher sale price, a transparent and efficient process and potentially without sales and legal fees.
The competitive bidding process can encourage buyers to offer higher bids in order to outbid their competitors and secure the property. This can result in a higher sale price than might be achieved through a traditional private sale.
The auction process is typically more transparent and efficient than using an estate agent because all interested parties have an equal opportunity to bid on the property, and the sale process is conducted in public. This can help to prevent delays, disputes, and other issues that can arise in traditional property sales.
The completion times for a property sold at auction can vary, but typically it takes 28 days from the auction date to complete the sale.
