Important Information about Selling at Auction
Auctioning a property removes the risk of discouraging buyers who are looking in a particular price bracket. You will get the best price the buyers will pay, which may be higher than the price you expected to receive. Selling by auction gives you three chances of selling:
- Prior to auction date
- 'Under the hammer'
- After the auction date
Auctioning your property is a particularly useful method of sellin where the property is special, unique, or difficult to accurately value or if you have a specific timeframe in which to sell your property.
What happens after the auction?
If your property sells:
- The buyer will pay a deposit from which we will take our commission and sign all the contracts.
- The completion is expected within 28 days or sooner by agreement.
If your property does not sell:
- We will continue to work to get post auction offers for 6 weeks after the auction
What happens on the day of the auction?
- Reserve Price - If your property does not reach your reserve price in the auction room then we will not sell it.
- Auction Room - The auctioneer will try and encourage buyers by starting the bids low, so don't be concerned.
- Fall of the Gavel - The fall of the gavel is considered a legal exchange of contracts (the property is sold)
Why sell by auction?
The auction involves a short, intense marketing campaign of your property without an asking price inviting offers, but instead a price guide that should be exceeded. This is the best means of testing what buyers are prepared to pay for your property in the specified time.
The advantages of the auction programme include:
- A greater response to a high profile personalised marketing campaign and therefore greater opportunities of attracting that one special buyer.
- The excitement of a sale deadline on auction day, where bidders may compete against one another, creating a sense of urgency and ensuring that if there is a premium available in the market place, it is achieved. Bids are made with no conditions attached. Our aim is to offer a fast and efficient selling service enabling our vendors to exchange contracts on the night, with a stipulation that a buyer must complete within 28 days.
- Whether you have a private residence to sell or an investment portfolio, we have a team of professionals who are ready to guide you through the process to a successful conclusion.
How do I enter my property?
In order to enter your property into one of our auctions you will need to:
- Pay a selling fee for a sale at the auction
- Obtain a legal pack prior to the auction, which All Wales Auction can arrange for you if required
We act for clients throughout the UK.
"Good auction procedure. Good organisation once winner of bid on payment front and paperwork."