Selling By Auction

Selling by auction

The main thing to remember about selling by auction is that it’s not just for properties with issues and desperate sellers, which are common misconceptions.

Think of auction as a specialist market for buying and selling certain types of property – the buyers are looking for a particular type of property so if you own that type of property, then auction could be the best method of sale for you.

If you owned a 1965 Jaguar E-Type you wouldn’t take that to the local dealership to sell, you’d take it to a Classic Car Specialist as they are more likely to have Buyers for that type of car – that’s what auction is.

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1. Advice

Our commitment to you begins with transparent and comprehensive guidance.

We offer candid and thorough advice, which encompasses an in-depth auction valuation report. This report serves to definitively determine the property’s suitability for auction.

Additionally, we provide valuable insights into the potential outcomes your property could achieve in the auction environment.

Our aim is to equip you with the necessary information to make informed decisions throughout the process and if we believe the best advice for you and your specific situation is to not sell by auction, that’s the advice we’ll provide.

2. Instruction

Our sole mission as your chosen auctioneer is to ensure we sell your asset for the highest amount possible to the best buyer whilst taking all of the stress away and dealing with everything from local estate agents (if there’s one involved) to liaising with solicitors and ensuring we have the full legal pack ready and over to potential buyers in good time before the auction date.

Every piece of advice we give is to manoeuvre as many bidders as possible to the auction room to create the competitive bidding environment needed to maximise the value of your property. We are always available for you and will hold your hand throughout the process as taking the stress away from auctions is one of our most important mantras.

3. Go Live

We’ll make sure your property gets noticed by marketing it extensively across diverse platforms such as Rightmove and Zoopla as well as auction specialist websites Bamboo Auctions and Essential Information Group.

In addition, we’ll put our exclusive auction mailing list to work, connecting your property with a precise target audience so that we reach mainstream buyers as well as property professionals and specialists looking for the type of property you are selling.

4. Pre-auction

In the dynamic month leading up to the auction, we’re all about keeping communication alive. We’ll be in touch with you, the estate agent, and your solicitor, making sure everyone’s on the same page.

Our mission is to generate interest and excitement as we approach the auction day. By staying connected and building interest, we aim to gather a vibrant crowd of registered bidders.

This ensures that the auction environment is charged with energy and competition, giving your property the best possible chance to shine.

5. Auction Day

The bidding window is open for 4 hours and no one can bid, unless authorised by the auctioneer with all bids visible to the general public, giving full transparency to everyone involved.

Once the auction closes (and so long as reserve has been met), the highest bidder will be successful, and contracts will exchange immediately.

The buyer is then legally and financially bound to purchase the property at their final bid price and pay a non-refundable 10% deposit with completion typically 20 working days after.

6. Pre-auction Offers

We have found since launching in 2019, that many buyers prefer to buy properties “out of auction” and often pay a premium for this.
With this in mind, as soon as we have a full legal pack from your solicitor, with your blessing, we can actually exchange contracts with a successful buyer rather than waiting to the auction and risking selling for less.

Again, all of our advice surrounding these decisions would be based on decades of experience with buyer behaviour, number of pre-auction enquiries, the number of legal packs that had been downloaded and registered bidders – the final decision is ultimately yours of course, but our advice will be based on achieving the best price for you whether that’s before, during or after an auction.

Interested in selling by auction?

If you are interested in selling by auction, please contact us at info@my-auction.co.uk for a free, no-obligation auction appraisal.

Get Started

Chat with one of our team on 0207 101 4868 or info@my-auction.co.uk

We had a first class experience with MYAUCTION, from their clear and much appreciated plain English explanation of the process, through their very simple set up, right to achieving a sale price that we were very happy with. No stress or fuss throughout. Big thanks to Stuart and team, we will definitely be back in the future.

Mr L

I would just like to go on record to say how highly satisfied I and my family have been with the service we have received from Stuart @ MYAUCTION. Nothing was too much trouble, and he even went to the trouble of finding us a solicitor after we had won the subsequent auction. First time myself and the family have used an auction and Stuart made it as hassle free as possible which was brilliant. If I had to use an online auction again to buy a property, I would certainly use my auction again. Thanks again for all your help Stuart.

From the initial decision to sell by auction everything has gone smoothly, if unsure of anything a quick email or phone call we were informed of the next step.

Mrs M

I would like to say how pleased I was with the service I received from MYAUCTION on my recent purchase. Initially I was a bit hesitant to proceed with a sale this way, but you led me through the whole process in friendly and approachable manner. You managed to iron out any issues that arose during the sale and put my mind at rest with any concerns I had. The whole process was very professional and I am glad I was able to purchase the flat this way. I would definitely recommend your services to anyone who is looking for a property purchase.

Mr A

Thank you very much for your help and providing an exceptional service to the seller and buyer and for keeping me fully updated throughout the auction process. I would definitely recommend MYAUCTION.

Ms J

Our mother was over the moon when we told her that the flat has been sold. So thank you for all your have done for us and thank you to Becky as well. Your turned our lives around!

Ms P

Wouldn’t hesitate to recommend MYAUCTION they were excellent from start to finish, even after the sale they were still there to help right up to completion and contract exchange. Thank you.

Mr M

I was shocked at how quickly Stuart at MYAUCTION managed to complete for me. Definitely recommend!

Mr R

I have found Stuart at MYAUCTION an absolute pleasure to work with – quick, efficient and more importantly – gets the sale for the client. I would not hesitate to recommend.

Ms W

Stuart was polite, efficient, and always available with advice in an unfamiliar auction market.

Mr D

Just wanted to say thank you so much for all your help with selling the property and I just wish that we had known about you earlier as we were really pleased with how professional you were with the marketing and promoting the flat.

Ms R

The level of service I received was outstanding. Stuart kept me informed every step of the way, even going out of his way to call me over the weekend or late in the evening. He came all the way from London to oversee viewings, nothing was too much trouble, no question went unanswered, no call unreturned. Thank you Stuart for being approachable, straightforward and honest. Also to his assistant Becky, pleasant, helpful, efficient and knowledgeable.

Ms H