How It Works
Seller's Guide - when using the Auction Service
Important notes to Sellers
- Register an account with AuctionYourProperty.com.
- Upload full property details which will include up to 4 photos, the auction reserve price (not displayed publicly - just for
AuctionYourProperty.com), the start price (publicly displayed), date of auction, your contact details that you wish to be displayed. (If you do not have a scanner we can do this for you).
- Details are then submitted to AuctionYourProperty.com. We then check that the content is suitable for publication and subsequently display your property details on the website.
- The seller should also email AuctionYourProperty.com a set of scanned legal documents and/or the Home Information Pack (HIP) for us to distribute to potential buyers.
- Potential buyers then make contact directly with the seller and the seller carries out all viewings until the auction.
- Auction takes place and the bidding commences.
- Hopefully the bidding will exceed the reserve price and the property will be sold to the highest bidder at the auction's close. If the reserve price is
not reached, there are still a few options available to the seller.
- From the moment that the auction finishes and as long as the reserve price has at least been reached, a legally binding agreement between the seller and the winning bidder is formed.
- The seller then receives an email from AuctionYourProperty.com confirming the official sale price.
- The buyer's deposit cheque is paid into the Sutton Kersh Binstock client account. Once cleared, the monies are forwarded to the sellerís solicitor.
- The seller is legally bound to sell to the winning bidder at the final bid price.
- The completion date is 20 working days after the auction, or as otherwise stated in the sellerís special conditions of sale.
Please note that sellers can withdraw their property from auction at any time prior to the auction commencing free of charge. However, once the auction has commenced the property can not be withdrawn. All bids are legally binding. Please note that sellers must not bid on their own properties. This activity constitutes fraud and is strictly illegal.
This is the minimum amount that the seller is prepared to sell their property for. Only once a registered buyer has bid the reserve price or above can the property be sold.
Reserve Prices must be carefully thought through. Once submitted and then checked by us, they can be altered at any time, even during the auction, but only in a
downward motion - ie. they can only be reduced. This is to prevent sellers setting very low reserve prices and starting prices at the beginning only
to then raise them just before the auction starts. It is therefore important that reserve
prices are realistic and at a price at which the seller is happy to sell at.
Just to reiterate, once the bidding equals or betters the reserve price, the seller is legally obliged to sell to the highest bidder at the price stated when
the auction finishes. Any seller failing to honour this obligation is likely to face legal prosecution from the winning bidder.
If, at the end of the auction, the reserve price has not been reached the following options will be available to the seller:
- The seller will, of course, be free to contact any of the bidders who are known to him/her in order to negotiate a successful sale privately. Of course, all the bidders will be aware that the property did not reach it's reserve and therefore sellers can expect to hear from those bidders directly.
- The seller can simply resubmit the property for auction at no charge to themselves and try again, possibly reducing the reserve price and trying to attract new bidders that
might have missed the first auction.
Starting prices act as a guide for potential bidders. It gives buyers a general idea as to the expected sale price. The starting price is displayed in the sales
particulars. It must be below the reserve price and ideally within 15% of the reserve - ie a sensible starting price for a £400,000 property would be £350,000.
AuctionYourProperty.com reserves the right to amend the start price (but not the reserve price) if we believe that it will aid the sale of the property.