Selling any residential, commercial or agricultural property whether it is your home or an investment is a significant and potentially stressful experience. At Auction-Move our aim is to ensure you a cost efficient, easy and satisfying experience when selling your property. Our industry knowledge means we are able to provide you with more than an efficient selling experience but as much personal advice for your circumstances as you would like. Our sales and marketing approach uses both traditional values of communications together with evolving new technologies and this has allowed us to both improve the promotion of our clients’ properties and deliver the most relevant information to our many registered buyers.
Auction-Move are registered Chartered Surveyors, undertaking regular property auctions at their easy to navigate website powered by Offr Auctions. Instead of passing your property to a third party auction house we personally undertake the sale of your property through the auction process to ensure you have the best possible service. Entries are always welcome – the online auction method is becoming very popular throughout the market and it works particularly well for the following types of property:-
Prime residential property where demand and competition is great.
Land & Properties with development potential or with planning permission in place for a change of use e.g. barns to convert, building plots and houses with large gardens.
Agricultural buildings, farms and land.
Terraced houses for the investment market.
All types of commercial property.
Online property auctions allow you to see images of, and access information about, the property you’re interested in, as well as bid on and buy the property. Whether you’re looking to buy or sell a property, online auctions offer the same benefits of buying and selling as an in-person property auction would. For instance, despite the fact that this process is done online, you’ll still have access to a range of unique properties and fully transparent sales. Usually, the two ways sellers can auction their property is through an unconditional or conditional auction, and the main differences between these are as follows:
Unconditional online auctions
Unconditional online auctions are where the exchange of contracts happen immediately as the ‘hammer falls’ or as the online time period ends (subject to the reserve having been met or exceeded). Completion is normally set 30 days from that point.
Conditional online auctions
This is where the successful bidder has a little longer to exchange contracts and complete the purchase (60 days). If you’re a seller and you’re looking to sell a property by online auction, this type of sale can attract additional buyers as the longer period to arrange finance is often viewed as desirable to prospective buyers. This provides a great way to bring the world of auctions to mortgage buyers, as this will give them the necessary time to apply for the mortgage or organise other funding prior to the deadline.
Whichever method the auction is carried out under, all prospective online buyers must provide payment details ahead of bidding to pre-authorise any sales. Entering payment details ahead of bidding enables the successful bidder to immediately make a deposit payment and guarantee the seller’s confirmation of sale.
Live online bidding
Applying to Timed Auctions only, live online bidding is where you watch the auction countdown in real-time online and place incremental bids against others. You will be able to keep up to date each time you are outbid and adjust your bid to increase your chance of being the successful bidder at the end of the countdown. If another buyer makes a bid within five minutes of the end of the countdown, the auction will be extended by a total of 15 minutes. This will provide other bidders with a fair chance, allowing them to adjust their bids accordingly.
If your bid is the final successful bid, you’ll win the auction and your payment method will be charged either the holding deposit or the reservation fee, depending on the type of sale that is carried out.
Whether you’re a keen investor or you’re searching for a home for yourself, you can bid on a property online in both our Timed Auctions and our live-streamed Auction Events.
How to sign up for our Timed Auctions:
Step 1: Register for an account and sign in – This is a very simple process and it’s free to sign up. By creating an account, you can bid for properties in our online Timed Auctions, access legal documents quickly and easily, view our properties and watch other online auctions take place.
Step 2: Enter a payment method – Once you’ve signed up, you will need to add a payment method before you can start to bid on properties.
If you want to browse your options first – Use the ‘watch’ feature on your chosen lot to receive regular updates on the current highest bid. This will provide you with the flexibility to make a decision to place a bid later rather than committing to this straight away.
If you’re instead looking to sell your property through an online auction, our step-by-step guide below will help you understand all the necessary steps involved with this process. From agreeing on a suitable reserve price, to setting the terms of the auction, get to know how online auctions work from the seller’s perspective before you sell your home or commercial property:
Step 1: Choose your preferred sales method and set your reserve price – Firstly, choose which method (conditional or unconditional) you wish to sell by. Then, set a reserve price, which is agreed between the seller and the auctioneer, and is the minimum amount you’re willing to sell your property for. This ensures your property won’t be sold for a penny less than you’re happy with.
Step 2: Have all your legal documents ready – You must have all the relevant legal documents prepared prior to opening your auction to bids. A comprehensive legal pack should be created which should detail title registers, land registry, any special conditions and other relevant documentation based on the property you’re looking to sell. This should be compiled by your solicitor, but if you don’t have one, we can recommend one of our legal partners to do this for you. To learn more about auction legal packs, read our full blog ‘Why do auction properties need a legal pack?’.
Step 3: Set the terms of the auction – This step only applies to Timed Auctions. For these, you must also set the auction terms and agree how long to accept bids for. This can be from 24 hours to 30 days from the date your auction goes online. It is often the case that properties will be marketed online prior to bidding opening in order to generate interest. For unconditional online auctions, when the auction time is up and the reserve price has been met or exceeded, the successful bidder’s payment method will be charged a holding deposit and the exchange will take place. From this moment, you’re legally obligated to sell the property for the full price offered by the bidder.
When a conditional online auction sale ends, the exclusivity period begins. This means that contracts must be exchanged and the sale completed within 60 days. Although the successful buyer will be charged a reservation fee straight after the auction, if you, as the seller, fail to meet the deadline, you’ll be held liable for auction fees and the buyer will be refunded the reservation fee.
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