Selling at auction
The methods of auctions have changed over the years and so has the misconception that auctions are limited, dated and only used by cash ready investors. We've partnered with Iamsold who offer both traditional and modern methods of selling your property at auction.
Selling your property at auction could be a great opportunity to sell securely and quickly with little hassle. There are also many benefits to auctions.
No sale, no fee
Putting your property up for auction won't cost you a penny until it sells. Iamsold charge an auction pack fee of £445 inc VAT once the hammer has gone down on your sale.
You, the seller, could keep all the money from the sale. This is because the buyer pays a non-refundable reservation fee, typically 4.2% inc VAT of the purchase price (subject to a minimum of £6,000 inc VAT). At this point the buyer will sign a reservation agreement which secures them the property.
With the buyer signing a reservation agreement and paying a non-refundable reservation fee, 95% of Iamsold's transactions go on to complete*. With private treaty (open market) transactions, on average 70% break down leaving buyers and sellers with frustration and costs to pay.
Undisclosed reservation price
Every auction has a reservation price which is set by the seller. This ensures the property will never be sold at a price that the seller isn't happy with.
56 day completion timescale
These fixed, realistic timescales are set from the start to ensure the process runs as quickly and smoothly as possible. On average, Iamsold's completion rate is 44 days, compared to 126 days for private treaty sales**.
If selling at auction sounds like something that would interest you, you can find out more about Iamsold here.
* and ** source: Iamsold