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Quick House Sale Guide >> Selling Your House At Auction >> The Auction Process
The Auction Process
Once you have decided to sell your house at auction you will need to contact a local property auctioneer. They will find out your property details from you and visit the property to advise you on the selling process and setting a guide price for the property.
The next step will be to prepare the legal pack for the property, which enables potential buyers to obtain a mortgage, exchange contracts and complete the purchase. This involves getting the searches done along with any other paperwork relevant to the sale of the property, such as tenancy agreements, and any special reports or conditions of sale.
A marketing campaign will then begin and your property should appear in the local press and on the web. Potential buyers will contact the auctioneer to arrange a viewing.
A couple of days prior to the auction you will agree a reserve price with the auctioneer. The amount of interest the property has had will help in setting the reserve amount. If the bidding ends higher than the reserve price the sale is legally binding and you will not be able to back out. The lower the reserve price, the higher chance you have of getting a quick sale.
Once the hammer has gone down the sale is legally binding. Sale documentation is signed at the auction and your solicitor will handle the rest of the sale. Completion usually takes place 28 days after the auction.
When selling at auction you will normally pay a listing fee as well as a commission when the property is sold.
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