Selling Property at Auction: What to Know

Selling your property at auction can be a thrilling and efficient way to close a deal, particularly for unique homes or those needing a quick sale. Here's what you should expect.

Setting the Reserve Price

Before the auction, you'll set a reserve price—the minimum amount you're willing to accept. This figure is confidential, and if bidding doesn't meet it, your property won't sell. It's crucial to set this wisely to attract bidders while ensuring your interests are protected.

Preparing the Legal Pack

A solicitor will prepare a legal pack, including title documents, searches, and other pertinent property information. Prospective buyers will review this in advance, so transparency is key. At Burnett's, we can help you navigate this process with ease.

Marketing Before Auction Day

Your property will be marketed to generate interest before the auction. This includes listing it in the auction catalogue and arranging open days for viewings. Our team at Burnett's excels in showcasing properties to attract the right buyers.

Auction Day – Fast and Final

On auction day, bidding is fast-paced. If the reserve is met and the hammer falls, the sale is legally binding. The buyer pays a deposit immediately, and completion usually occurs within 28 days. It's an exhilarating process, and our experienced team can guide you through it.

Advantages of Auction

• Speed: Once sold, the process moves quickly.
• Certainty: No chains, no fall-throughs.
• Competition: Bidders can drive the price higher in a competitive environment.

Things to Consider

Auction fees are typically higher than traditional sales, and if your property doesn’t sell, you may still incur costs. It's ideal for sellers ready for a swift, no-nonsense transaction.

Selling at auction can be a powerful tool when time is of the essence or your property has niche appeal. With Burnett's expertise, you could achieve a quick, successful sale under the hammer.