Frequently Asked Questions

Selling at auction is a great way to sell your property quickly. Standard auction terms are 28 days, so after exchanging you complete 28 days later - funds in account. It is very secure and less than 1% of sales fall through (as all bidders need to pay a deposit to be able to bid)

It can depend on the auction house you use. Some charge as much as 3%+VAT on the property selling. Some charge the fees to the buyer, so you pay nothing. Speak with us and we can help you compare the different options.

The reserve price is the minimum amount the property can sell for. If this is not achieved at auction then the property would not sell. If this figure is reached at auction then you would exchange. The reserve serves as your safety net, so you always know the absolute minimum you will receive.

It is decided between you and the auction house. You need to be comfortable with the amount, but the auction house need to be confident they can sell it. So they won’t accept an unrealistic reserve price.

If your reserve price is not met, then the property will not sell. You may decide to accept an offer on the property after the auction - but this is totally up to you.

This can vary depending on the auction house. Some auction houses do a monthly auction and you are given a lot number and people bid on that day. With other auctions, you go in to a 28 day timed auction and people can bid at any point. If your reserve price is reached then you exchange at the end of the auction and compete 28 days later

Around 80% of properties sell at auction.

If the property does not sell the auction house will work with you to try again and to get a deal done for you. Normally once you list the property you will learn very quickly what the demand looks like.

No you don’t, you only pay on the property successfully selling. With some auction houses, you don't pay at all as the buyer covers the fees.

Cash buying companies typically offer around 80% of the market value of the property. When they buy the property, they need to pay lots of fees including stamp duty. So whilst it might sound like they are not paying very much, the margins are actually pretty slim.

They can complete (funds in the account) within a week, but this is very fast. Normally about a month is comfortable for both parties.

You can complete at whatever stage works for you. You just need to be clear on the timelines you want to work with.

An initial offer is given, using data available online. Once you accept the offer and sign terms, a local valuer and surveyor will come and view the property. After that, a date will be set for when completion can take place.

Yes it can but it is rare, and this can go both ways (you might be offered more or less). Once a valuer goes to the property, they will confirm the market value and that the offer is realistic.

Of course. In the event the offer needs to be revised you can decline the new offer.

No fees whatsoever.

If you use the cash buyers solicitors then they will cover the legal fees. If you want to use your own solicitor then you would need to cover these fees.