Understanding the auction process
If you're thinking about buying or selling your property through auction, take a look at the auction journey and what you can expect.
1. Property advertising
For sellers, we will discuss a Reserve Price with you to ensure your property sells for a price you’re happy with. Sit back and relax – your Estate Agent will organise property details, take photos, and advertise everything through their marketing channels. Meanwhile, we'll complete some quick and easy Identification Checks with you.
2. Pre-auction Marketing
At this stage, we prepare important information about the property. This includes Title Documents and Local Searches, which we put together in our Buyer Information Packs. This provides buyers with any key material information before placing a bid. For sellers, you can either provide your own Auction Pack or let us provide one – you’ll only pay a fee for this when your property sells.
3. Viewings
While Auction Packs are being prepared for sellers, properties are being advertised to buyers. Buyers, this is when you can start scoping out your ideal property! Once you're interested in a property you can arrange a viewing and do your own research ahead of the auction.
4. The auction begins!
Auctions can last from 48 hours, to 14 days depending on what has been discussed and agreed with the seller. Buyers can bid on their favourite properties, with features such as Automatic Bidding helping them win their dream home or expand their investment portfolio. If anyone bids within the last 2 minutes, the timer resets to give everyone a fair chance.
5. Sale agreed
When the timer runs out, the highest bidder will be declared – so long as the seller's Reserve Price has been met, of course! At this point, the sale will be agreed between the buyer and the seller.
6. Exchange
Depending on whether a Modern Method of Auction or a Traditional Auction sale has taken place, buyers will have either 28 or 56-days* to complete the purchase from receipt of draft contracts. The buyer will also need to pay any Reservation Fee and/or deposits.
7. Success!
Congratulations! Whether you’re a buyer securing your dream home or a seller looking to complete the sale of your property - mission accomplished!
Additional information:
*Based on standard properties. From receipt of draft contracts
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Step-by-step guide