How to sell your house quickly via Quick Sale Property Auctions

Yes and no. Once the gavel falls it is legally binding, the buyer has a legal responsibility to purchase the property within the pre-agreed time frame. Both parties are legally bound to proceed with the transaction. Failure to do so will result in significant fines. Buyers know this, so it’s in their best interests to wrap up the sale as quickly as possible.While many property auctioneers will promise a quick sale, it is important to note that a small proportion of properties do not sell when offered at auction. It is likely that you will sell promptly if your lot is well-priced and professionally marketed, but there isn’t ever a 100% guarantee.

Related Reading: What happens when an auction property is unsold?

The benefit of a property auction, particularly for lots that may be trickier to sell through an estate agent due to the condition or unusual nature of the property, is that you stand a far higher chance of completing within a few weeks.

Selling a house via auction can have several advantages. Here are just a handful:

• Property owners may assume an auction will generate a lower sale value than through a traditional private treaty sale. The opposite is often true, especially for the properties that require modernisation or renovation and can have added value.

• Once the gavel falls, the buyer pays a deposit and normally completes within 20 business days, which means you receive your money within one month of the sale.

• It is also important to note that a successful auction bidder cannot drop out of the transaction or change their mind, a common issue for sellers hoping to complete a sale quickly, only to find themselves back at square one.There are several additional advantages. You can read more here: selling property at auction

What Can affect the speed at which you can sell your house?

The very nature of the auction process means that you can sell your house quickly, however, the auction process can be accelerated even further – if you’re prepared. The speed of the auction process is affected by the following factors:

• Have you chosen a reputable auction house? – Your choice of auction house can influence both the speed at which your property sells and the price you achieve. As highly experienced property auction specialists, our teams work diligently to present properties in the best light and implement robust marketing to attract as much interest as possible before the auction day.
• How will your property be well advertised? – Homes sold at an auction need to be marketed to drive interest and attract potential bidders. Although it’s possible to sell quickly, it may also be worth building in a couple of weeks to ensure your lot has been sufficiently advertised.

• Is there an auction date coming up? – Generally, auctioneers will hold auctions every 4-6 weeks. For example, at Clive Emson, we list our auction dates here so that our buyers know when the bidding starts and sellers know when the property is likely to be sold. If unsure contact us in advance of the next auction, we can get your property listed in the next available auction – which could shave a few days off the process.
• Do you have all of your documents in order? – Another factor is the completeness of your legal pack, which a solicitor will prepare, including all the formal documentation about the property. The package includes things like leases, deeds, tenancy agreements and ownership paperwork.A comprehensive legal pack will provide plenty of detail about the property and can help expedite a sale since bidders won’t be put off by a lack of information or decide not to bid due to queries about the condition of the building.You’ll also be required to submit other documents / property information such as the type of property, deeds, EPC information and lease details. For the sake of speed, it’s important that you have these documents available on request.

• Could you accept a pre-auction offer?– We’re often asked whether a seller can accept offers before the date of the auction to speed up the sale of the house. The simple answer is yes, but this may not be in your best interest. Bidders know that auctions can become extremely competitive when a property in a desirable location or with strong potential becomes available, so they may try to convince the seller to sell to them beforehand.As a seller, your priority will normally be to sell for the highest possible value and as soon as you can – we do not recommend agreeing to a direct sale since this typically means the buyer will achieve a lower price than they know the property would have made at auction.Fees such as entry costs, auction commission and paying a solicitor to prepare a legal pack will still apply, so if you have decided to go for an auction sale, it is normally best to wait for the auction.

• Have you set a Competitive Reserve Price? One of the common reasons a house doesn’t sell immediately at auction is that the reserve is too high.Your reserve price is the minimum you are prepared to sell for; this isn’t normally publicised, and only the auctioneer will know what threshold you have agreed between you. Reserves are private because this means the auction remains fair, where bidders need to make their own decisions about what they think a property is worth. However, bidders can see the guide price, which gives an indication to the agreed reserve level.If you receive bids for your house below your reserve price, the auctioneer will contact you to discuss but it will never be sold below the agreed reserve within the auction to protect the minimum you would take. The auctioneer can negotiate with prospective buyers after the auction if it didn’t quite make the reserve.
  

• Will there be an online auction? – During the pandemic, most property auctioneers decided to offer online auctions to allow sales to continue, as in-person auctions were not permitted – online property auctions are also popular with investors looking to purchase property in a specific area or from overseas who cannot attend in person or send a proxy. Selling via an online auction can speed up the sale of your property since you can attract a larger number of potential bidders rather than relying on a smaller audience attending an in-house auction to take an interest in your lot