Understanding the auction process

If you're thinking about buying or selling your property through auction, take a look at the auction journey and what you can expect.

1. Property advertising

For sellers, we will discuss a Reserve Price with you to ensure your property sells for a price you’re happy with. Sit back and relax – your Estate Agent will organise property details, take photos, and advertise everything through their marketing channels. Meanwhile, we'll complete some quick and easy Identification Checks with you.


2. Pre-auction Marketing

At this stage, we prepare important information about the property. This includes Title Documents and Local Searches, which we put together in our Buyer Information Packs. This provides buyers with any key material information before placing a bid. For sellers, you can either provide your own Auction Pack or let us provide one – you’ll only pay a fee for this when your property sells.


3. Viewings

While Auction Packs are being prepared for sellers, properties are being advertised to buyers. Buyers, this is when you can start scoping out your ideal property! Once you're interested in a property you can arrange a viewing and do your own research ahead of the auction.


4. The auction begins!

Auctions can last from 48 hours, to 14 days depending on what has been discussed and agreed with the seller. Buyers can bid on their favourite properties, with features such as Automatic Bidding helping them win their dream home or expand their investment portfolio. If anyone bids within the last 2 minutes, the timer resets to give everyone a fair chance.


5. Sale agreed

When the timer runs out, the highest bidder will be declared – so long as the seller's Reserve Price has been met, of course! At this point, the sale will be agreed between the buyer and the seller.


6. Exchange

Depending on whether a Modern Method of Auction or a Traditional Auction sale has taken place, buyers will have either 28 or 56-days* to complete the purchase from receipt of draft contracts. The buyer will also need to pay any Reservation Fee and/or deposits.

Smiling businesswoman talking on mobile phone while looking at a computer. Cheerful entrepreneur working in office sitting at her desk

7. Success!

Congratulations! Whether you’re a buyer securing your dream home or a seller looking to complete the sale of your property - mission accomplished!

Additional information:
*Based on standard properties. From receipt of draft contracts

You may also like

Auction fees explained

Understand more about the fees associated with buying at auction

Take a look

Registering and bidding

Take a quick look at our handy step-by-step guide to starting out

Step-by-step guide

Buyer FAQs

Everything you need to know about buying your property at auction

Read more

Please be advised that all calls made to and from iamsold are recorded. Calls are recorded for training and monitoring purposes and may also be used for complaint resolution. Calls are stored securely in accordance with General Data Protection Regulation requirements.