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Home » Services » Auctions » Auction FAQ » Selling a Property at Auction

Selling a Property at Auction

An auction is a transparent, efficient and cost-effective way of selling property.

Subject to agreeing on a realistic reserve (or minimum sale price), most properties are suitable for auction with sellers ranging from banks and charities to individuals, property companies, public bodies and receivers.

If you are contemplating selling a property at auction, our experienced auction team is on hand to advise on its suitability for auction and provide a free informal appraisal. If you are looking to buy, you may find this guide helpful or see the “Note to Prospective Purchasers” which is printed at the front of each catalogue.

 

Details Of Your Property

To give the best advice, it would help if you can provide the following details:

      • Address and postcode
      • A brief description of the property, including any floor/site plans and photographs
      • Tenure and occupation details
      • Any other relevant information, such as a history of the property and any planning information

Our surveyors will contact you to advise if the property is suitable for auction and give an informal view of reserve and guide price, which has to be reflective of the reserve.

 

Our Auction Process

CONFIRM YOUR INSTRUCTION & AUTHORITY TO SELL

If you decide to proceed to auction, we will discuss and confirm in writing the timescales, commission, auction expenses and our terms of engagement. There will be an entry fee as a contribution towards auction marketing, including an appropriate catalogue entry, board and general advertising, which all serve to give your lot wide-scale exposure to potential buyers.

If Strettons has not sold for you before we will need proof of your identity, ownership of the property and authority to sell. Once we have been instructed, we will aim to inspect the property to prepare a draft catalogue entry for you and your solicitor to approve. Please note that we will be working to strict catalogue production timescales.

 

PREPARE LEGAL PACK

Your solicitor will need to prepare a legal pack containing special conditions of sale, title documents, details of occupancies, searches, planning documentation and office copy entries. We will also require your solicitor to confirm you have the authority to sell the property. Where relevant, you will also need to provide an Energy Performance Certificate (EPC). All of this information will be posted on our website and available for download by potential bidders via our user-friendly system, which allows us to notify applicants of any changes updates.

 

MARKET YOUR PROPERTY

About three weeks before the auction sale, marketing will begin on a nationwide scale both online and offline. We will organise viewings where appropriate and answer incoming queries that will help ensure the bidders are qualified on the day.

 

FINALISE RESERVE

As we approach the auction day we will finalise the reserve price with you which will be the minimum price you authorise us to sell.

 

AUCTION DAY

Once we have accepted a bid for the property, it is placed in a binding contract and the buyer is required to complete a Memorandum of Sale and provide a 10% deposit.

 

COMPLETE THE SALE

We will send the purchaser’s contract to your solicitor with completion due to take place within the stipulated timeframe - usually 20 working days and the cleared deposit funds will be paid to you less our fees.

If the property fails to sell on the day, we may be able to agree a sale shortly afterwards as we continue to market the property.

 

If you want any informal advice or want to know more about auctions, please don’t hesitate to contact our team at auctions@strettons.co.uk