Auction Sellers Guide
A Guide For Sellers
There are many advantages to selling at auction, the main ones - it’s quick - the whole process takes around six to eight weeks, there’s no chain, and when the hammer falls your property is sold.
Selling at Auction also widens the potential market, not only will there be buyers who want to buy a property to make it a home, there may also be investors, developers and property dealers.
The first thing that you need to do is to find out what your property is worth.and whether it is suitable for auction. Once you’ve decided to sell you then need a full Auction appraisal to find out what price you can expect to achieve, the likely timescales and costs involved.
You will need to register your property with us at least six weeks before a scheduled sale date to have it included in the sale and allow time to market it. Millerson will market your home in the local or national press, distribute the catalogue to potential buyers, and keep you fully updated with the response
You’ll also need to appoint a solicitor who will help you with the terms of business that must be signed to enter your property into the Auction. Your solicitor will also help in preparing the contract of sale and supporting legal paperwork. Again, Millerson will liaise with your solicitor fully, ensuring everything is in place for the Auction sale.
We can help find a reputable solicitor if you wish.
Once the marketing of your property begins, we may receive offers on it before the Auction. If we do, we will tell you straightaway. If your property is sold before Auction, it will only be withdrawn once contracts are exchanged.
A lot of people are put off from selling at Auction because they’re worried they will lose money if bids are very low. Don’t worry; Millerson will talk to you about setting a reserve price, which is the minimum price you want your home to be sold for. This is normally discussed, in principle, when you instruct us. It safeguards you from setting a reserve that is too low or too high. It will be confirmed two days before the sale. It’s confidential and will not be disclosed to anyone.
What Properties Are Suitable For Auction?
Experience tells us that the following may be particularly suitable for auction:
- Those that are run down/dilapidated/with structural problems
- Those that are unique/rarely available
- Single/multiple building plots
- Lock up garages/garage blocks
- Investment properties
- Those with development potential
- Deceased estates