Selling your house when you have set deadlines can be a tough process. Even when a sale is agreed, the timelines for the conveyancing process can vary greatly. Read our handy guide to find out more about selling your home at auction and how more secure timelines can help you plan your move.
The modern method of auction is a flexible way for those looking to sell their home quickly, using a process that just isn’t possible when selling by traditional methods. Once auctions were only reserved for cash ready investors and run-down stock, where they have now had a new lease of life and are now available to all potential property purchasers.
So, what are the benefits of selling your property at auction?
- Faster completion
With fixed exchange and completion dates from the outset, you can plan your move more easily and even have the keys to your new home in under 2 months*
- Name your price
When selling at auction you set an undisclosed reserve price. This means that if your property doesn’t reach this minimum amount, you will not be required to sell and you can be confident that you will only sell for a price that you are happy with.**
- 0% commission
Our auction partner operates on a no sale, no fee basis. This means that fees are only payable if a sale is made. In addition, the seller does not have to cover these fees, they are covered by the buyer when they pay their non-refundable reservation fee.†
- Committed buyers
As buyers are required to pay a non-refundable reservation fee to our auction partner††, you can be much more assured that your sale will go ahead and both parties can move forward in confidence.
How does it work?
To kickstart your auction journey, after agreeing traditional marketing arrangements with Chancellors you can then discuss and agree your undisclosed reserve price with the auction provider and decide on a starting bid. Chancellors will liaise with you in the normal way to prepare the property’s details (EPC, photos etc.) while the auction partner supports the creation of the auction pack with you.
Once the preparation is complete, your property will be marketed prior to the auction to generate exposure and interest. When ready, the auction can begin and potential buyers can check out your property and bid on it if they like what they see. The auction will end once the set time has elapsed and a sale will be agreed if your reserve price has been met. Once the auction has ended, your provider will guide you through the last few steps needed to complete the sale.
If you would like to know more about the process, read IAMSOLD’s guide for sellers here.
Chancellors and IAMSOLD
Here at Chancellors we have partnered with IAMSOLD, an auction provider like no other. If you would like to find out more about selling your house via auction with us, please visit our webpage or contact your local branch to arrange a visit to your property to discuss things further.
*IAMSOLD state 56 days on average completion for modern method of auction, from date the buyer pays the reservation fee. (Information taken from IAMSOLD Selling Guide)
**(Information taken from IAMSOLD Selling Guide)
†reservation fee is paid in addition to the cost of the property, unless the seller decides to cover the fee once completion has occurred. (Information taken from IAMSOLD Selling Guide)
††4.2% of the final agreed purchase price, subject to a minimum of £6,000 inc. VAT. (Information taken from IAMSOLD Selling Guide)
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Correct at time of publication (3rd November 2020). The views and opinions expressed herein are those of the individual contributor and do not necessarily reflect those of the Chancellors Group of Estate Agents Ltd or its subsidiaries. References to legislation, best practice and other matters with legal implications such as fees, rules and processes are included for information and editorial purposes only and are not authoritative, nor should they be interpreted as advice. When in doubt you should only take advice from an industry professional or solicitor where appropriate. E&OE.