Selling at auction FAQs

Got questions about selling your property at auction?
Then check out our FAQs to learn more

Is it expensive to sell my property at auction?
No, it’s not expensive to sell your property at auction at all.  In fact, we don’t charge anything to sell your property at present.  In the event of us finding a buyer then it is the purchaser who pays for it.

Where will my property be marketed when selling at auction?
At Green Door we advertise your auction property to millions of potential buyers on the nation’s biggest portals including Right Move, Zoopla, On The Market and Boomin

How long does it take to sell the property at auction?
Once we find a buyer for you, the standard completion time to sell your home at auction is 28 days from the deposit being secured to the sale completing. If you want a shorter or longer completion time this is possible by asking your solicitor to include special conditions of sale.  The length of time it takes to find a buyer largely depends on several factors including the location, the price and how quickly you want it sold.

Do I need to wait on the auction day to sell my property?
No, we sell properties every day.  If somebody makes an offer you are happy with and you want to accept, we would drop the hammer there and then and your property would be sold, still under auction terms but without having to wait until the next auction date.

What happens if the purchaser can’t complete on the sale after paying the deposit?
It is never nice when a sale falls through however when selling at auction you have that bit more security.  Firstly, as mentioned previously, the purchaser has paid a 10% deposit.  Should the buyer not complete on the sale you get to keep the full 10%.  At that point, you may then decided just to put the property right back on the market and find a new buyer.  In some cases though you may have decided to take further legal action.  You would need to consult a legally trained professional on this matter however as they have broken a legally binding agreement you could well be entitled to further compensation,  this would most likely be any shortfall between the next sale in relation to the first one that fell through.  In other words if the first sale of £50k fell through and you then sell it again for £45k,  you may be able to sue for the difference.  As mentioned previously though, you would need to seek legal advice before deciding if you wish to pursue this.

Does selling my property at auction mean selling it cheaply?
Selling your property at auction doesn’t mean selling it cheaply.  We always stress it is not us, or any other agent for that matter that determines the value of your property.  The market will ultimately decide what your property is worth however it is worth stressing that you set your own reserve price.  This means that you never have to sell for less than an amount you are happy to accept.  We know and understand you will have other considerations to take into account before deciding whether to accept an offer or not.

When selling at auction, what other costs are there?
As we previously mentioned it’s the buyer who pays the fee but what else is there?  First of all, a Home Report is needed when selling a residential property so you will need to obtain one of them.  The other thing you would need to do is appoint a solicitor.  A solicitor will provide a legal pack that allows the purchaser to perform their due diligence prior to offering,  they will also deal with the conveyancing once the sale is agreed.

We hope these FAQs for selling your property at auction have been useful.  If you have any further questions then please don’t hesitate to get in touch either through our online contact us form or by calling 0131-322-8550.

 

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ABOUT SELLING AT A PROPERTY AUCTION

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