How Quickly Can I Sell My Property at Auction?
The Types of Property Auctions
There are many reasons why sellers of properties in the UK choose to sell via auction. The quick and efficient process, guaranteed timeframe, potential for a higher price and added transparency make for a brilliant property sale method. Real Auction is an auction website facilitating both online and in-person property auctions. If you’re considering selling your property via auction, get in touch today and one of the team can talk you through the process.
Firstly, auctions are generally a very quick and efficient process. There is typically a 28-day window for the completion of the sale to occur, otherwise the buyer can incur charges. This means that sellers are guaranteed a quick, reliable sale less than one month after a bid above the reserve price has been made.
In addition to this, the competitive nature of bidding via an auction website means that properties can often sell for a higher price than what they may have achieved through an estate agent sale. They can’t sell for below the reserve price, which prevents them being sold for less than market value.
Sellers and buyers are also part of a very transparent process when taking part in an auction. Competing bids are known to all parties, and proof of identity and funds of the buyer have likely already been provided. There are fewer miscommunication mishaps when selling via property auctions due to the quick timeframe and organised process.
Auctions are a great option for selling a property if you need a quick turnaround. If you are disposing of an investment property, selling a property after the passing of a loved one, or selling a property to pay off debts, then an auction is a speedy way of doing so. Auction properties can be sold in as little as four weeks, and tend not to take more than 10 weeks in total.
A conditional auction, also known as a ‘modern method of auction’, is an auction in which a non-refundable reservation fee is paid at the end of the auction to secure the property. The contracts are exchanged within 28 days of the auction date, and then a further 28 days later the sale is completed. Timings will vary depending on the seller’s conditions and the operations of the auction website or auction house, but a property is generally sold between four and eight weeks after the date of the auction.
An unconditional auction, also known as a ‘traditional auction’, is an auction in which a 10% deposit is paid at the end of the auction and the property contracts are exchanged immediately. Completion normally takes place within 28 days of the exchange of contracts. This means that a property can be sold in as little as four weeks after the date of the auction.
It is generally up to the seller when the property is listed for auction, with the advice of the auction website. Real Auction advises clients to list the property in advance of the auction to give time for prospective buyers to read the property information and legal pack, and to view the property ahead of bidding.