Achieve the best price for your property and sell to a motivated buyer. Competition between determined bidders can produce exceptional results and when the auction closes the Reservation Deposit and Exclusivity Agreement eliminate the delays and renegotiation often associated with private treaty sale.
At the close of the online auction the winning bidder pays a Reservation Deposit for the Exclusivity Agreement. It buys them time to arrange mortgage finance and conduct any surveys required to exchange contracts and complete the purchase.
We work with your solicitor to produce a legal pack prior to the auction so the conveyancing delays associated with private treaty sales are avoided. We recommend a period of 20 working days for Exclusivity Agreements but this can be extended to suit your requirements.
The sale price is fixed at the close of the auction and is non negotiable. If the winning bidder fails to exchange contracts within the exclusivity period or decides to walk away from the purchase they lose their Reservation Deposit. You are then free to sell to another bidder or re-offer your property for sale.
Before you commit to the online auction, buy it now or offer we will explain the process, discuss timescales and recommend a reserve price for your property.
When you instruct us to proceed we will send you our written terms of business to read and approve. We will ask you to sign the terms of business and pay the auction entry fee. The online auction process can then commence.
Your property details are uploaded to our website and marketing will begin. The date and time that the auction will close is agreed with you.
Instruct your solicitor to prepare the legal pack. We liaise with them to ensure they know exactly what is required and when.
We will conduct viewings at your property. Prospective bidders must register and provide payment card details prior to bidding, they may download the legal pack via our website.
Online bidding commences and our online system allows you to track the progress and bidding on your property. You can see exactly how many bids have been made and what the current highest bid is. In the case of ‘Buy it Now’ one bid at the agreed price will secure the property. For ‘Committed Offer’ you will be informed of bids prior to acceptance
The online auction closes at the agreed date and time. An extension of 60 seconds is automatically added if bids are made during the final minute of the auction. This process continues until a full period of 60 seconds has elapsed without further bids and ensures we achieve the best possible price for your property (not required for buy it now or committed offer).
At the close of the auction the Reservation Deposit and Exclusivity Agreement Fee is paid by the winning bidder.