Sell By Auction is here to help, if you do not find answers to your questions below, simply call our sales team 0800 302 9441 or email us at firstname.lastname@example.org
A guide price is the quoted figure used during the marketing period and used by potential buyers to decide if a property is of interest to them. Setting the right guide is important in attracting as many bidders as possible. It can be quoted as an open guide such as £100,000+ or as a closed guide say £90,000 – £110,000.
The reserve price is an undisclosed figure agreed by the seller and the auctioneer, the property cannot be sold below the reserve during the auction. The reserve price may be set later than the guide, or just before auction day to reflect the interest levels and feedback from potential buyers. A reserve price cannot be set more than 10% above an open guide or must be set within or below a closed guide.
This is a list of any changes to the auction lots that occur between the catalogue being printed and auction day. It will list any guide price changes and lots sold prior to auction for example.
If bidding on the day does not reach or exceed the reserve the auctioneer cannot sell your property. You will have the option of accepting the highest bid after the auction, if the buyer still wants it! They may have gone home, bought something else or make a reduced bid after the auction. Don’t take any chances with your reserve price.
Sell By Auction operates a no entry fee and no sale no fee auction with no upfront auction entry fees. We can even arrange for a solicitor to deal with the legal pack and sale with no upfront costs. A sale commission will be agreed and confirmed in writing at the auction appraisal, this does vary depending on the property value and your exact requirements.
Now. Sell By Auction is taking entries for auction all year long. You are never more than 2-3 weeks away from our next auction. With the fastest marketing period of 7 days and shortest completion of 7 days we can sell, exchange and complete by auction in just 14 days. Although we do recommend a 14-day marketing period and 14-day completion period for maximum effect.