Selling at auction
There are many advantages to selling by auction. It’s fast – the whole process can take as little as 20 business days to complete – and it’s faff-free, there’s no chain and when the hammer falls, your property is secure.
Both our Auction Events and Timed Auctions attract investors, developers and property dealers interested in buying, widening your potential selling market. An auction could be the best method of sale for you and your property.
In the past, auctions were thought of as dark, smoky rooms at the back of a pub where properties were sold at knockdown prices. Nowadays, that couldn’t be further from the truth. Our Auction Events are broadcast live online from our bright, modern auction studio at our head office in Nottingham, and our sale prices represent the current property market.
Timed Auctions on the other hand run 24/7, 365 days a year on our website. These are open to bids throughout the duration of the auction, meaning you can bid wherever you are in the world.
We also have the option of Buy It Now purchases that allow a buyer to do just that – buy it now! They’ll still benefit from the safety and security of an auction purchase, but they will purchase the property at the price you have set – nothing more, nothing less.
Then, there are the two auction types – unconditional and conditional auctions.
In unconditional auctions, contracts are exchanged immediately when the auction ends, either on the fall of the hammer or when a Timed Auction ends. The winning bidder is legally obliged to buy the property and must pay their deposit and buyer’s fee on the same day.
With conditional auctions, there’s a little more flexibility. Contracts aren’t immediately exchanged, but the winning bidder must pay a non-refundable fee. This isn’t a deposit and doesn’t count towards the purchase price, but does mean the buyer enters an exclusivity period of 40 working days, during which the property cannot be sold to anyone else.
The sale of property by auction is a proven method of achieving the best price. More important, a sale by auction is secure and has a less than 1% fall-through rate. Once the hammer falls, the property is secure – simple!
Quite often, people perceive an auction sale as being the last resort but it shouldn’t be. If anything it should be the first method of sale. The whole sales process can take as little as 20 working days, but is flexible to suit your needs and includes intensive national advertising on the SDL Property Auctions website (which received over 1 million visitors in 2020) as well as on Rightmove and social media.