All you need to know about selling a property at auction
Bryan Baxter from Auction House East Anglia answers your questions about selling a property at auction.
From choosing when you do it to what agent you use, selling a property is a big decision. There are surveys and viewings to schedule, and the ever-present threat of a chain falling through – all of which can make it a stressful and unwieldy process, right up until you complete.
But for lots of people selling at auction provides a timely alternative – and it's not just those properties which need a little TLC that are doing well under the hammer. Auctions are increasingly used by sellers who have properties in good condition but want the efficiency and transparency of the auction room.
'It's very rare that we have an unhappy buyer or seller,' says Bryan Baxter, director of Auction House East Anglia. 'Selling a property at auction can, in fact, bring relief to a lot of people, especially if they need an efficient sale.'
Tempted? Here is all you need to know on how to sell a house at auction.
What types of property can be sold at auction?
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Depending on the vendor's situation and the speed required, any property of any style, including commercial property and land, can be sold at auction. 'It used to be that most of the properties we sold at auction were predominantly those that were unusual, difficult to value or probate properties,' says Bryan. 'But now we are seeing more and more properties being auctioned that are in good condition, and the vendors are choosing to auction them because of the speed of sale.'
How long will it take to sell my property at auction?
'From start to finish it can take approximately two months to sell a property at auction – although some are sold much more quickly than that,' says Bryan. 'Usually properties will be entered into auction 4-6 weeks before the auction day, although some properties can also be entered up to 14 days before. Exchange will take place during the sale and full legal completion will take place within 28 days of the auction.'
What happens if a property doesn't sell at auction?
Bryan says: 'There are three opportunities to sell a property at auction: pre-auction, which takes place between when the property is entered and the auction day, on the day itself, and post-auction when offers can still come in once the live auction has ended. After that, unsold auction property will be put online.'
How much does it cost to sell a house at auction?
'The cost of selling at auction is variable, depending on the size, nature and style of property,' says Bryan. Most auctioneers will also charge an entry fee for the property, and a sales commission will be taken once the property has sold and the contracts exchanged.
If you would like more help and advice about selling your property at auction, including everything from auction fees to the home auction process, contact Auction House East Anglia on 01603 505 100 or visit www.auctionhouse.co.uk/eastanglia