At Frank Marshall we are experienced and successful auctioneers of property and land. Selling at auction is sometimes thought best for people who want to sell their house as quickly as possible. This is not always the right reason for placing a property to Auction.
We recommend Auction where is it in your interests and it is through discussing your circumstances and motivation for sale that the decision is made. The most appealing property types to offer for sale by auction include homes that are unusual and offer great potential, and therefore will appeal to a large market.
As a rule, we do not recommend a sale by auction if you have tried to offer the property previously by private treaty.
Choosing an unsuitable auction house greatly diminishes your chances of getting a favourable sale of your property. Also, obtain a property valuation before you decide on the reserve price in order to protect yourself against a highly unfavourable sale.
Set the reserve price- This sets a minimum price which should be based on a realistic valuation; however, you should consult with the auctioneer before setting the price.
Prepare a contract - Instruct your solicitor to prepare a contract which contains the terms and conditions of the sale; reference to it will be included in the sales brochure and it will be available for inspection at least two weeks before the sale.
Open your property for viewings - This is usually at fixed times. Potential buyers will want to have a look at your property, and some will want their surveyors to inspect it prior to the auction.
When the hammer falls, the sale is official and legally binding. The buyer will have to pay a deposit, usually 10 per cent of the hammer price straight away, and the outstanding balance is normally payable within 28 days of the auction.