Guide to Selling at Auction

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Home Auctions Guide to Selling at Auction

The Two Auction Options

We offer two options for properties being sold at auctions. Each property will be noted whether it is being offered for sale under Option 1 or Option 2.

Option 1

  • Traditional Auction
  • Immediate exchange on fall of the gavel the buyer pays a 10% deposit (minimum of £3000) which comes off the purchase price
  • Buyer pays an auction administration fee
  • Buyer legally committed to purchase
  • Seller legally committed to selling
  • 28 days to complete *unless changed within the Special Conditions

Option 2

  • Designed for the private residential house purchase
  • Buyer places a £3000 non refundable deposit which is taken as part payment of the house price (not an additional fee)
  • Buyer pays an auction administration fee
  • 28 days to exchange contracts (time for buyers to obtain a mortgage) then a further 14 days to complete
Step by Step Process
  1. Marketing Consultation

    2. Andrew Craig will carry out an auction appraisal and can directly introduce you to the auctioneer at Agents Property Auction. The Auctioneer will discuss in detail the auction process with you and will reach a joint decision with you in regards to the pricing of your property.

  2. Agree Guide Price and setting a Reserve

    3. You will agree a Guide Price (the price that the property is marketed at to generate interest) and close to the auction date, will also agree a Reserve Price (this figure is confidential with you and the Auctioneer and is your safety net as the property cannot be sold for anything less, although the aim is to achieve over this amount).

  3. Marketing

    4. Jointly with APA, we will extensively market your property. We list on all the major property portals, both of our own websites, as well as specific auction portals eg Essential Information Group. The Auction team will contact local, national and international buyers on our database to discuss your property, and your property will be emailed out to our database of active buyers. We can take care of viewings for you at no extra cost.

  4. Auction Day

    5. APA will contact you before the auction to confirm the reserve price and time that your property will go under the gavel. The marketing plan will have brought bidders to the APA online auction site. You can then watch the auction live online as it happens from the comfort of your own home.

  5. Sold

    6. Congratulations! Your property sold live at auction. If you sold with Option 1 then exchange happens at the fall of the gavel, with Option 2 the buyer will have within 28 days to exchange. They will pay a non refundable deposit on the day of the auction.

  6. If it doesn't sell

    7. If your reserve price is not met during the auction, don’t panic, we will work in the days and weeks following to try and tie up a sale for you with any interested parties. If there are bids that fall just below the reserve price then we will work with you and the bidder to try and negotiate a deal.

  7. Exchange & Completion

    8. APA will inform you of the results after the auction has completed. With Option 1 exchange happens at the fall of the gavel and the buyer has 28 days in which they are legally committed to complete the purchase. With Option 2, they have 28 days to exchange contracts and then a further 14 days to complete. You will have a dedicated sales progressor at APA who will liaise between all parties to keep you fully updated leading to the completion of the sale.