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How to Auction Property ?

Selling property at auction has been an integral part of the property market for many years, but with the advent of the internet, Property for sale by auction are able to provide the benefits of property auctions to an international audience.  This section explains how to auction property on our 0nline property auctions.

The price of your property:

Property prices obviously move up and down acording to market supply and demand and this is reflected in the property auction prices.  Property prices also vary according to area and region.  If you are unsure as to what your property price should be, look up property prices of other properties on the market similar to yours, and also enter a search for the property prices that you are hoping to achieve and see what else you could buy for your money.  Be brutally honest with yourself and decide whether your property would be one you would be interested in at that price, if not it is fair to say that other people may well think like you in which case you will not get viewers. However, do remember that regardless of the property prices on our property auction, it is the bidders who will be letting you know what you could get for your property, and it is your decision as to whether you accept that bid or not.

When you upload your property details you will enter a price based on the fact that you would consider bids in that region.  When your property goes live in the auction, it will carry 2 prices, a high price above your figure, and a low price below your figure, this is the Guide Price.  We set this range between 10% and 20% either side of your figure, generally the higher the price, the lower the percentage spread.  Don’t worry, you will not be under any obligation to accept any bids below the price you provided when registering your property.  Of course, selling property at auction will bring low bids, but all bidders are aware that if they want the property, a low bid is unlikely to be the winning bid.  The lower bids tend to come from those buyers who are of a take or leave attitude.

The Bids you receive:

The bids you receive may range from someone who loves your property and wants to be confident of winning the bid, and others who make a habit of low bidding in the hope that someone says yes and they steal a bargain.

Generally bids will include solicitor’s details although if they don’t we suggest you request such, and not to take the bid seriously until you get them.

All bidders are blind of other bids, only you the owner are aware of all bids on your property.  We advise you to acknowledge all bids, but without making your opinion of the bid known.  You should not confirm your acceptance of any bid until the day after the auction close, unless you wish to accept a bid prior to this in which case you must advise us immediately.  You do not have to accept any bids below the price you entered as your guide price, although you will be under a legal obligation to sell to a bidder of your choice who bids at your price or above.  We also ask you to send an email reply to all bidders the day after the auction close, advising whether they have been successful or not.

Deposits:

The nature of deposits varies from country to country.  but in this auction we have a standard format which applies to all countries.  No deposits should be taken by any property owner.  This method is wide open to fraud and we do not allow this to be a part of our property auction.  When a buyer's bid is accepted, the buyer will make an immediate deposit payment either to his solicitors, or via one of our credit card payment requests, depending on the sale completion time chosen by the property owner.

The initial deposit amount of £1,000, or 1,500 Euros in the case of non UK properties,will be transferred directly to your solicitor. What happens thereafter depends on by which method your are selling property at auction.  The Standard Sale Completion method means that the normal sale process will take place, i.e. the buyers solicitor and the sellers solicitor comences preparation of all necessary searches and contracts leading to the Exchange of Contracts.  At this point, or an equivalent point when selling overseas properties, the buyer will pay a deposit equal to 10% of the purchase price, less the initial deposit paid.

If you are using the Rapid Sale Completion, all of the work up to exchange of contracts has already been done by the vendor's solicitor.  The initial deposit will still be paid at the earliest moment following acceptance of the bid, but the full 10% (less the initial deposit) becomes payable immediately, first to the buyer's solicitor, to be transferred to your solicitor.  This obviously accellerates the sale process, in many cases to within 30 days, although you would have incurred additional expense prior to the auction.

In both cases the full balance becomes payable on completion.

Our property Auction brings many different types of buyer, including investors, developers, builders and the general public.   We are able to multiply many times over the amount of people participating in a traditional property auction, due to our easy access and our high profile Google advertising across many countries, along with the added convenience of buyers arranging viewings directly with the owners as opposed to the normal block viewings held by traditional auctions.  Buyers also prefer not having to attend the auction on a day or time which is not convenient.

This how to auction property section is to assist selling property at auction, and further information can be found under the "Auction your property" tab, where you will find information on writing your description and taking photos as well as how to arrange viewings

Selling property at auction to an international audience is how to auction property.  You can see how to register your property for auction in the same tab.