How to sell your property
The first step is to arrange a free auction appraisal so you can find out what price you can expect to achieve, the likely timescales and costs involved.
You should choose an auctioneer carefully as this can make all the difference as to whether you achieve the best price. It may be tempting to go with the auctioneer who quotes you the highest price. But if your property doesn’t sell, you could be left with the auctioneer’s and solicitor’s costs and a home you still need to sell. It may also be tempting to use the auctioneer that quotes the lowest fee, but are they really going to spend the money on marketing your property? One extra bid could more than cover a slightly higher fee.
Instructing an auctioneer
You will need to register your property for sale at least four weeks before the auction date to ensure it is included in the catalogue and allow the auctioneer time to market it.
You will be required to pay an entry fee which covers all the marketing costs. A good auctioneer will market your home in the local press, their website, the Rightmove website and distribute the catalogue to potential buyers.
You will also need to appoint a solicitor who will help in preparing the contract of sale and supporting legal paperwork. Again, a good auctioneer will liaise with your solicitor fully, ensuring everything is in place for the auction sale.
Marketing your property
Once the marketing of your property begins, the auctioneer may receive offers on it before the auction. Sometimes these are unrealistic and a good auctioneer will arrange with you to only advise when the offer is significant. If an offer is agreed before the auction your property will not be withdrawn from the auction until contracts are exchanged.
The reserve price
All the properties will have a reserve price, which is the minimum price the property will sell for on the auction day. The reserve price is completely your decision. It is discussed initially so the guide price can be set but is only confirmed a couple of days before the auction. The reserve price is kept confidential and is only disclosed to the public if the property doesn’t sell on the auction day.
If for any reason the property is not sold on the auction day we will retain it for a further four weeks to try and find a buyer. We will inform any potential purchasers of the reserve price and submit any offers received to you.
For advice about selling under the hammer call our team on 0800 304 7879