When you put your house up for auction, you can secure a sale quickly and with certainty. To make sure you’re getting the best deal, you should know how to set a reserve price and ensure that the auctioneer doesn’t take advantage.
Here’s a guide on how to successfully sell your house at auction:
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1. Pick an estate agent that specialises in auctions
Finding an auction house or estate agent specializing in auctions is the first step.
Look for someone who can effectively market your home for auction, generating interest from potential buyers.
They will guide you through the process, helping you set a reserve price and informing their database of buyers about your property.
2. Hire a conveyancer or solicitor
You will need a conveyancer or solicitor to handle the legal work required for selling your home.
They will gather all the necessary paperwork and create a legal pack for potential buyers to review.
Your conveyancer will also check for any outstanding debts on the property and assist in preparing the contract for the buyer.
3. Prepare your home for auction
Preparing your home for photographs and auctions can be a daunting task, but it doesn’t have to be. You can either hire a professional home stager or do it yourself with some quick updates.
By paying attention to details and making necessary improvements, you can enhance your home’s appeal and maximize its potential in today’s competitive digital world.
4. Set a guide price and reserve price
You’ll need to establish a guide price and a reserve price, which are different. The guide price is the amount buyers will see on your property listing and gives them an idea of the property’s value.
The reserve price is the lowest price you’re willing to accept, and it may be kept confidential. If offers fall below the reserve price, the auctioneer will withdraw your property.
5. Market your pad
The estate agent and auction house will market your house for about a month.
If you’re going with the traditional method, the auction will then take place. If it’s a modern auction, the sale process can then last up to another month. Make sure your estate agent is marketing your home well in advance.
You want it to appear in auction catalogues, communications from the agent, and property portals. You’ll also need to open up your home to viewings so buyers can check it out. They might bring along an architect or builder to see what they could do with it.
6. Keep tabs on the auction and bids
Interested buyers will submit bids at auction time, and the highest bidder will become your buyer. The auction process can last for days, weeks, or even a month if it’s a modern auction.
Throughout the auction, your estate agent will keep you updated on any offers or new interested buyers.
In contrast, if it’s a traditional auction, it will be over in minutes. If the auction is held in person, you can choose whether to be present for the bidding.
7. Get the sale over the line
The type of auction determines how the sale is finalized. In a traditional auction, the deal is binding, and contracts are exchanged on the day.
However, in a modern auction, you have 28 days to exchange contracts. If a buyer withdraws during this time, they will lose their reservation fee and must pay hefty administration fees.
Finally, ownership officially changes hands within 28 days of the contract exchange for both types of auctions.
sell to us!
If you have read this guide and believe that selling your home through Cash Buying property is a safer option, Property Saviour is ready to help you. We will get you the right price for your property at the perfect moment.
Property Saviour Price Promise
- The price we’ll offer is the price that you will receive with no hidden deductions.
- Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
- These valuations or surveys result in delays and price reductions later on.
- We are cash buyers. There are no surveys.
- We always provide proof of funds with every formal offer issued.
We'll Pay £1,500 Towards Your Legal Fees
- No long exclusivity agreement to sign because we are the buyers.
- You are welcome to use your own solicitor.
- If you don’t have one, we can ask our solicitors for recommendations.
- We share our solicitor’s details and issue a Memorandum of Sale.
Sell With Certainty & Speed
- Our approach is transparent and ethical, which is why sellers trust us.
- 100% Discretion guaranteed.
- If you have another buyer, you can put us in a contracts race to see who completes first.
- Complete in 10 days or at a timescale that works for you. You are in control.
