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Selling at Auction

Advantages of selling at auction

Transparency

The open competition of the auction room provides a transparency of sale not available through private treaty methods, ensuring that your property is sold to the person willing to pay the most on the day.

Certainty

An auction contract is unconditional. Once the hammer falls in the room the buyer immediately puts down a non-refundable deposit, and contracts are exchanged.

Competition

With more than one person bidding on your property, the competitive environment has the potential to push up the final sale price of your property substantially.

Time

Auction contracts work to specific timeframes, meaning the completion date where you will receive the full amount from the sale is fixed, which is unlike a traditional sale.

How to sell at auction

  1. Contact a Savills Online Auction team member for an appraisal of your property.
  2. If possible, please provide a photograph(s), tenure, tenancy details, location and site plan. Please provide any further additional information such as planning permission etc.
  3. Subject to receipt of the above information, Savills Online Auction will advise you whether they think your property is suitable for sale by auction. If not, then an alternative method of sale will be suggested.
  4. A maximum reserve price will be discussed and pre-agreed with the vendor.
  5. Once the parties agree that a property will be entered into the auction, terms of engagement will be completed between Savills Online Auction and the vendor. This agreement will also outline Savills Online Auction’s commission fee and all associated auction entry costs.
  6. Anti Money Laundering Compliance – all clients will be required to satisfy all Anti Money Laundering requirements.
  7. Savills Online Auction will prepare draft sale particulars for approval. Simultaneously, the vendor will need to instruct their solicitor to prepare a legal pack. The legal pack will outline the conditions of sale, title documents, lease, searches and planning documentation.
  8. Savills Online Auction will coordinate and manage viewings of your property prior to the auction day.
  9. Prior to the auction day a reserve price (if appropriate) will be agreed between the parties.
  10. Should the property be sold at auction (i.e. it reaches the agreed reserve price) then the successful purchaser will enter into a sale contract and pay a 10% deposit of the purchase price, subject to a minimum of £5,000.
  11. Completion of sale normally occurs within 20 working days.