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Property Auctions FAQs

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People often have a number of questions about selling residential property 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.

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 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.

If it’s an 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 which it is best to sell at auctions?

In our experience, the best type of property to bring to auction is the property which has that ‘something different’. It may be a particular characteristic of the property, or one which is ideal for renovation. Having said that, all types of property can be sold at auction, so please ask us for details.

Where will my property be auctioned?

We have four regional centres for property auctions – each one of which handles properties from around the region. Your property will be sold at the centre that is nearest to the property itself. If there is a particular reason, we may be able to offer it though a centre not closest to the property, but generally we find the local approach works best and achieves the best results.

Can I attend the auction?

Of course, the auctions are open to all and you are welcome to attend and experience the excitement! If you cannot attend, we will contact you as soon as your property has sold to let you know the result.

Speak to any of our team about our regional auction service. They will be happy to take you though the auction process and answer any further questions you may have. They will inform you of our forthcoming sales and suggest a suitable process for your property.

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