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Seller FAQ’s

IS MY PROPERTY GOING TO SELL?

We sold over 90% of properties we offered for sale at our auctions last year. There are two components needed to maximise the chances of a sale by auction: Firstly, a motivated and realistic seller, and secondly, great marketing exposure. If you decide to explore the auction route further, a member of our auction department will carry out research and honestly discuss the best pricing strategy to maximise interest in your property. However the final decision will always lie with you, the seller.

HOW LONG DOES THE AUCTION LAST FOR?

Our online auction marketing period generally last between 30 - 45 days and interested parties can book a viewing of a property as normal with the auction coordinator. Potential buyers can then register on the auction website, download the property information pack and register and place a bid through the online auction website during the bidding period. The bidding period is usually the final 30 minutes of the online auction marketing period. The time remaining on a specific auction can be seen easily on the property details on the auction websites.

NO UPFRONT COSTS?

We are the only auction company in the UK and Ireland who do not charge an upfront entry or marketing fee to our sellers. We take on board the cost of the expensive marketing campaigns we undertake on each property. All our sales are on a no sale, no fee basis.

DO I HAVE TO ACCEPT THE HIGHEST BID FOR THE PROPERTY?

Not necessarily, if at the end of the auction the agreed reserve has been met or exceeded, then the property is deemed sold. However, if the reserve has not been met then it is a decision for the seller whether they will accept the highest bid or not.

CAN I ACCEPT BIDS OUTSIDE THE AUCTION PROCESS?

Yes, if you want to accept a bid to sell your property before the auction has finished that is fine. By law we are legally bound to put any offer for the property forward to you. It will then be up to you to decide if you want to consider the offer and take the property out of the auction early. However in a scenario where this happens the terms and conditions of the auction still apply to both the buyer and seller.

IS THE BID BINDING?

Traditional Auction (unconditional): Once the contract for sale is signed by the seller and buyer and 10% part payment contract deposit paid down the sale is legally binding on both parties.

Modern Method of Auction (conditional): A successful bid binds the buyer to pay a non-refundable reservation deposit of £6,000 and sign a reservation form. It does not bind the buyer to buy the property but instead grants them exclusivity to exchange the contract for sale on a property at an agreed price within 28 days of their bid being accepted. A further 28 days is granted to the buyer to close the sale once the sale is exchanged.

HOW QUICKLY WILL I HAVE TO MOVE OUT?

Generally a seller will have between 28 – 56 days to vacate their property depending on which auction type they select.