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Selling your Property Online

What is an online property auction?

Sometimes, selling your property through a traditional in-room auction might not be what’s right for you and your circumstances. That is why we offer our online auctions service, so that you can sell your property fast. There’s no need to be concerned about missing out on the traditional process of bidding in the room- you’ll still maintain the same transparency and certainty of sale that’s offered with a typical auction sale.

If you’re considering selling your property online, they’re two different choices when it comes to the sale itself.

  • A traditional online auction is where the exchange of contracts happens immediately at the end of the specified time period (as long as the agreed reserve has been met or exceeded) which then confirms the sale. In many ways, this is very similar to our live auction room – only it’s online!
  • A conditional online auction is instead where the successful buyer has 56 days to exchange contracts and complete their purchase. While the process takes slightly longer, this is likely to attract additional buyers as it gives them a little longer to raise their finances for the property.

Regardless of the method of sale, every bidder is required to provide payment details in advance of the bidding as a form of pre-authorisation. This then allows for immediate payment to be made when the auction finishes, which gives a seller confirmation that the property has sold.

How to sell property through an online auction?

Selling your property online is simple, and completely secure. Firstly, it’s time to choose your method of sale. You have the choice of either a traditional online auction or conditional online auction. You’ll also need to agree on a reserve price, which is the minimum amount that you would be willing to sell your property for.

After this, you’ll need the set the length of the auction. This can be anything up to 30 days of the property going online. A longer auction period increases the chance of achieving the maximum amount for the property – however, a shorter time can be chosen if your circumstances require it.

Next, you must produce a legal documents pack – this has to be uploaded prior to the auction beginning. We can recommend our legal partners, or you can instruct your own solicitors if you wish to do so.

Then, it’s time to sit back and watch the bids come in. The bids will be placed in minimum increments according to the property’s value. Any bids that are placed in the final 5 minutes of the auction will extend the timer by a further 15 minutes. This allows everyone a fair chance to bid!

Before you know it, the timer will have reached zero. If you’ve opted for a traditional online auction, the successful bidder will be charged a holding deposit so that the exchange can take place (only if the reserve has been met or exceeded). At this point, you are legally obliged to sell the property for the full purchase price.

If, on the other hand, you’ve chosen a conditional online auction, an exclusivity period will begin for your property, which requires the exchange of contacts and completion within 56 days of the end of the auction – if the reserve has been met or exceeded. The buyer is still automatically charged a reservation fee.

If you (the seller) fail to exchange contracts and complete within 56 days, the reservation fee will be fully refunded to the buyer and you may be liable to pay a fee to the auctioneer for any services rendered during the sale of your property.

If the buyer fails to exchange contracts and complete within 56 days, then they will automatically forfeit the full amount of the holding deposit. You will then be free to relist the property for sale online with us, or to sell the property to a third party.

You can find out more about how to sell your property online, by reading our guide.

If you’re interested in selling your property with SDL Auctions, then register for your free valuation today.

Reviews

  • I would firstly like to thank you for the amazing service you offered on the help of my property. You were very understanding and got us in to the brochure very last minute and luckily on first page, from start to finish I have been amazed on how fast and efficient you were – and Vejay too. I hope to use your services again and wish you all the best.”
    Mrs Minhas

    Mrs Minhas
  • “We’ve worked with Andy Thompson over a number of years in disposing of our excess stock. We always use Andy as he is excellent at maximizing value. He is extremely well connected in the North West and this really seems to help in identifying the best buyer for the property. On this particular lot, Andy secured a sale considerably above the reserve within a week of our instruction.”

    Vendor of 27 Cleveland Road, Crumpsall
  • “It has been so straight forward with no massive estate agent fees and my house went up in price not down in the way it happens with estate agents. I am now very nearly a cash buyer which really helps with negotiating on the next property!”

    Mrs M
  • “I’m still on cloud nine and wanted to contact you properly to say thank you for all your help and support during the purchase. Your friendly, professional manner made a very stressful situation so much easier to cope with. Fingers crossed now for a smooth completion. Thank you again.”

    Ms P
  • “I’d like to take this opportunity to thank you for your excellent service and customer care; the prompt email replies and general help have been much appreciated. I would have no hesitation in buying property through you in the future.”

    Mr S
  • “You and your firm’s professional approach were outstanding and I was amazed at the amount of technology that you use on the day. The screens and bidding information are clearly a great benefit to everyone in the room. You have an excellent team, who all worked so very hard during the sale.”

    Mr W
  • “[We] would like to thank you for all your help and support over the last couple of months. We hadn’t really considered the auction route, probably due to a lack of understanding of its benefits and pitfalls. We feel that with your patience, encouragement and professionalism, we have definitely had a very positive experience and we are more than happy with the auction outcome.”

    Mrs F