How does selling at auction work?

How does selling at auction work?

When selling at auction the first question you will have is, what is my property worth? Determination of this price will be conducted through an auction valuation.

STEP 1 – Auction Valuation

We will be able to give you a guide through a desktop valuation however attending the property or land will be necessary in order to provide you an accurate figure.

During the valuation we will also determine two other figures.

A reserve price. This is the price this is the minimum price that you are willing to sell at and the auctioneer will not accept any bids or pre auction offers below this figure.

A guide price. This guide price is an indication as to where the buyers will have to commence bidding. By setting an attractive guide price we instil the engagement of potential buyers. The competitive atmosphere and the variety of bidders from different sources will push up the price organically.

STEP 2 – Advertise Your Property or Land

Property Portals - Now of course we will use numerous property portals such as Rightmove, Zoopla and on the market.

EIG - Another portal we utilise, which is specifically an auction only portal, full of ready-made and active buyers.

Email Marketing - We have our own email marketing list, full of subscribers who are seeking auction property. Your property or land will be sent out to thousands via this method. Buyers will be able to register their interest and download or request the legal pack.

For Sale Board - A ‘for sale by auction,’ board will be erected in the most appropriate position to attract prospective buyers to the auction room.

Social Media - Never under estimate the power of social media. Your property will be posted to all four social media platforms including, Facebook, LinkedIn, Twitter and Instagram. Furthermore, all lots will also be posted to bespoke property groups right up until auction day.

Editorial - We will write a bespoke editorial for your lot which will be published in local and specialist newspapers as well as appearing on their online platform, for the digital users.

Connect Realtime® - Our live streaming via our website means any prospective buyer from any corner of the world can see and bid on your property as it happens.

We leave no stone unturned.

STEP 3 – Legal Pack Creation

A legal pack is simply a collaboration of important documents of the property or land that is going to be sold.

The pack is prepared by your solicitors and contains all the necessary and legal documentation like the Title Deeds, Special Conditions of Sale, Land Registry Search, Leases and other pertinent documents.

Many people worry that the legal pack is some sort of specific, auction only need but in fact this pack is exactly the same as what is prepared through a private treaty sale.

The only difference between the two, is that when selling via auction the pack is made before auction day and when by private treaty the pack is made once an offer has been accepted.

Sellers – Yes there is a fee for the construction of this legal document however it is no different than a private treaty sale as the cost would be included in your solicitor fees!

STEP 4 – Auction Day

On the fall of the gavel contracts exchange immediately. At this point in time you, as the seller, and the buyer enter a legal binding contract and both parties cannot pull out from this point. There is NO chance of a fall through. A deposit is taken from the buyer and a completion date is set. This date will be either 28 or 42 days depending on your agreed timescale.

What our clients say about us

...I would thoroughly recommend Connect UK Auctions as the best most effective alternative to the conventional estate agents.
by Valery Stimpson
...My property achieved a very good price and completed in a matter of week. I would, most certainly recommend their services to anyone potentially looking to sell their property.
by Mr Richardson
...If I had known how much better it would be, I would have chosen Connect UK Auctions above an estate agent months ago.
by Jenny Turner
My wife and I were delighted with the service provided by Connect UK Auctions. Our house sold prior to the auction for an excellent price. Rob Jenkins was very professional and communicated well with all parties involved. A very smooth transaction.
by Rob Sellick
I have bought land and a residential property through Connect UK Auctions and even used their building team for renovation works. I must say I was always impressed with the help and support I received throughout my journey. Would definitely use them again and will be attending more of their auctions.
by Ross Slaughter
Easy to deal with and 100% professional easy and stress free.
by Sammy Vine
Exceptional service beginning to end. Would buy through you again! Thank you.
by Lisa Edwards
Excellent service outstanding staff.
by Kelly Simpson
Recently put in my property with Connect UK Auctions and they managed to sell it before the auction day!! Well above reserve. What a great guy. Happy client. Would use again. Thanks guys!
by Alex Brinklow
We have no hesitation in recommending Connect UK Auctions - their level of service and attentive service is second-to-none.
by Christian Budd
5/5

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