People often have a number of questions about selling property and land at auctions. We have tried to answer some of the most frequent in this section, but if you have any specific questions, please speak to your Brown&Co contact – they will be happy to help.
Why should I sell at auction?
There are a number of reasons why you may want to sell at auction. One of the main reasons is that of a fixed timescale. When a property reaches and exceeds its reserve price the property is sold the highest bidder.
Do you offer in-room or online auctions?
We offer flexibility by holding both online-only and livestream auctions as well as occasionally holding sales in-room, giving the vendor the best chance of selling in the timescale required. We can explain how these work in more detail if required.
Can I set a reserve price?
Yes – you can set a reserve price which means that if the bidding stops before that price is reached, you do not have to sell your property.
When does the sale actually take place?
The sale takes place at the time the hammer falls. At this time, the successful bidder comes forward and signs a legally binding contract. This is known as ‘exchange of contracts’.
What if an offer comes in from my property/land before the auction?
If you receive an offer before the auction takes place, you have the right to accept it and withdraw the property from the auction. We will be happy to advise you on the merits of any offers you receive and the interest we feel there will be at the auction.
Why is there a ‘guide price’?
The guide price is set for each property we sell at auction, based on the experience of our auctions team. As it says, this is a guide and properties may go for higher or lower than this on the day of the auctions. It is there to serve as an indicator of the likely sale price.
What sort of price can I expect at an auction?
There is, unfortunately, no answer to this question! Like any property, the price people are prepared to pay depends upon the property itself. Of course, if you find that there are two or more parties interested in a property at an auction, the price achieved could be considerably higher than the guide price, but there is no guarantee.
Is there a type of property or land which it is best to sell at auction?
In our experience, lots which offer ‘something different’ do well at auction. It may be a particular characteristic of the land or property, or perhaps a home which is ideal for renovation. Having said that, all types of property and land can be sold at auction, so please ask us for details.
Speak to any of our team about our auction service. We are happy to take you through the auction process and answer any further questions you may have.