Selling property through our auction couldn't be easier with no estate agency fees to pay and the deposit paid by the buyer, securing the sale.
The majority of our properties are offered for sale via the Modern Method of Auction. This is not to be confused with the Traditional Method, where a legal exchange of contracts is required immediately after the auction ends. Our auction is a more client-friendly process, still based around a fixed timescale but allowing longer periods for exchange and completion to further accommodate the residential buyer and seller.
- Reservation fee paid within 48 hrs of auction completion (this is a reservation fee and does not form part-payment of the final selling price).
- 28 days for exchange of contracts.
- 28 days for completion of contracts.
- A more client friendly process allowing time for buying with finance and organising a removal van.
- 10% paid immediately after auction.
- Immediate exchange of contracts.
- 14-28 days of completion of contracts.
- A process more appropriate for commercial investments or reposession stock.
Modern Method of Auction Vs. Traditional Auction
We offer both 'Traditional Auctions' and 'The Modern Method of Auction'. Traditional auctions are a tried and tested method for selling investment stock. The new Modern Method of Auction creates a transparent market place for the motivated residential buyers and sellers combining the best aspects of traditional auction and private treaty sales.
As a result of this the Modern Method of Auction opens the auction market, once reserved for the professional investor or cash rich buyer up to normal residential buyers, creating a larger market place, more interest andactivity than Traditional auction.
Reservation Fees Vs. Vendor Paid Explained
Some of the properties listed in the auction are subject to a reservation fee. This is a fee paid by the buyer. This is paid because under this method the vendor pays no fees to sell their property through the auction. Properties with reservation fees due will be clearly indicated by a green stamp in the top left corner of the main picture.
You must consider your total purchase price before bidding under this method as the reservation fee is in addition to the bid. The reservation fee amount may vary from property to property so please check the Terms & Conditions section located under the bidding box on the page of the specific property you are interested in.
Vendor Paid (Part Payment Deposit)
Properties where the reservation fee does not apply will be subject to a deposit to secure the sale. The deposit is placed on a non-refundable basis and does form part of the purchase price. Upon completion of the sale, the vendor will be required to pay a fee for the sale of the property. Please check which method you are bidding under before placing a bid.