FAQS about auctions

Reeds Rains has 150 years of experience in successfully helping people to sell their property. These are the most frequently asked questions (FAQs) about selling property by auction.

Is my property going to sell?

There are two components needed to maximise the chances of selling through auction; a motivated and realistic seller, and secondly, great marketing exposure. Our marketing strategy will guarantee you the fairest price in the current market for your property. If you decide to explore the auction route further, a member of our Auction Department will discuss the most effective pricing strategy to maximise interest on your property.

Do I have to accept the highest bid?

No, all properties are sold with an undisclosed minimum reserve price (agreed with the seller). The only price the public sees is the starting and actual bids; the reserve price remains confidential. Once the reserve price has been met and the auction is closed the sale will proceed. A Reservation Fee/Deposit is then taken. If you choose to pay no sales fees, the Reservation Fee will not form part payment of the purchase price but will be paid in addition to cover the costs of the process.

Can I accept bids outside the auction process?

Yes. You can accept a bid to sell the property before the auction has finished. By law we are duty bound to put any offer forward to you. It will then be up to you to decide if you want to consider the offer and take the property out of the auction early.

How quickly will I have to move out?

Depending on which auction option you select this can be decided by you but will generally be between 28 – 56 days.

If the prospective buyer does not agree to pay the fee, will I lose my offer?

The law requires that any offer made to purchase your property must be passed on by the agent unless you have said that offers of a particular type are not to be advised to you. If the prospective buyer does not agree to pay the fee, the agent should advise you accordingly and seek your instructions.

If the buyer then refuses to pay, will I have to meet the agent’s fee?

This will depend on the specifics of your individual contract(s) with the agent. The agent should explain this clearly to you before you sign anything. The buyer has entered into an agreement to pay the fee so it is for the agent to pursue the buyer, but the agent must make clear to you what will happen in such circumstances

Is auction right for me?

Perhaps your personal circumstances have recently changed, you’ve experienced a disappointing fall-through with Private Treaty or it could be that your property has been on the market for some time with little interest. Auction can be a good alternative to Private Treaty if you are a motivated seller as it offers speed, security and the achievement of a fair selling price.

How does auction improve the chance of selling my property?

To maximise the chances of selling through auction it’s important that you’re motivated to sell and that your property has great marketing exposure. Our marketing strategy will help you achieve a fair price in the current market for your property. We will discuss the most effective pricing strategy to maximise interest on your property.

Will I achieve the right price for my property?

With auction the seller sets a Reserve Price, this is the minimum amount you will receive for your property. Our pricing strategy is designed to drive interest, which in turn can help encourage competitive bidding which is more likely to drive up the purchase price.

Can I accept bids before the Auction has started, or before the auction is due to end?

Yes, you can accept a bid before the auction has finished. We are legally obliged to put all bids forward to you. It will then be up to you to decide if you wish to accept it and conclude the auction early.

What are the identification checks for?

By law, Estate Agents and Auctioneers are required to complete identification checks on all parties involved in a property transaction. The process is nothing to worry about and will involve us carrying out an electronic search through LexisNexis® and asking you some identification authentication questions. We may also require you to provide identification documents such as a driver’s license, passport or utility bills for proof of address.

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