What to Expect When Selling at Auction
21st March 2024
Selling your property at auction can be an effective way to achieve a quick sale and maximise its market value. However, it’s essential to understand the auction process and what to expect to ensure a successful outcome. Here’s a comprehensive guide to help you navigate selling your property at auction:
1. Initial Consultation with Your Estate Agent:
Your auction selling journey begins with an initial consultation with your estate agent. During this meeting, you’ll discuss your objectives, timeline, and any specific requirements you may have.
Your estate agent will assess your property and advise you on its suitability for auction, considering factors such as location, condition, market demand, and potential sale price.
2. Auction assessment, valuation and Preparation:
Your estate agent will conduct an auction assessment of your property, assessing its market value and recommending an appropriate auction reserve price.
They’ll advise you on preparing your property for auction, including staging, repairs, and presentation to maximise its appeal to potential buyers.
3. Legal and Documentation:
Your solicitor or conveyancer will prepare the legal documentation required for the auction, including the auction contract, legal pack, and any relevant property information. It’s essential to ensure all legal requirements are met and the necessary documentation is ready before the auction date. At Jeffersons we help you through this in-house.
4. Marketing and Promotion:
Your estate agent will create a comprehensive marketing campaign to promote your property auction. This may include advertising on online platforms, signage, and targeted marketing efforts to attract potential bidders.
Your property will be showcased to a wide audience of potential buyers, generating interest, and driving competitive bidding at the auction.
5. Auction Day:
On the live release of the auction, your property will be presented to bidders, and the auction will commence, Jeffersons recommends a 21-day time period for the auction to run with the last 6 days of this period open for potential buyers to leave their bid.
Our in-house auction widget facilitates the bidding process and we manage the auction proceedings.
6. Sale at Auction:
If your property receives bids at or above the reserve price, it will be sold at the auction to the highest bidder.
The successful bidder will be required to pay subject to the terms agreed and sign the auction contract.
7. Post-Auction Completion:
Following the auction, the conveyancer will handle the completion process, including the exchange of contracts and transfer of ownership to the buyer.
The remaining balance of the purchase price will be due within a specified timeframe, at Jeffersons our auction digital sales platform allows flexible contracts so both buyer and seller can agree on a date that works for everyone whether it is 28 days, 80 days or other.
Conclusion:
Selling your property at auction offers a fast and transparent method of achieving a sale at market value. By understanding the auction process and working closely with your estate agent and legal representatives, you can navigate the auction process successfully and achieve a successful outcome.
If you have any questions or would like to discuss selling your property at auction further, please don’t hesitate to reach out. We’re here to guide you through every step of the auction selling process.
