Selling at auction
With 125 day plus completion timescales*, Private Treaty may not be the best option if you’re looking to sell quickly. Discover the alternative.
The benefits of selling at auction
A speedy sale
The Modern Method of Auction takes just 56-days^ from receipt of draft contracts. Alternatively, you can opt for Traditional Auction whereby your sale will be finalised in just 28 days.
Once the sale is agreed, the buyer pays a Reservation Fee. This gives the seller peace of mind that their buyer is committed to the purchase and means there's no renegotiating once the sale is agreed.
The transparency of iamsold auctions means buyers can easily see each others' bids, encouraging interested parties to bid more competitively to win the property — boosting your final selling price!
No selling fee
With auction, selling fees are typically paid by the buyer. This makes it a lower-cost alternative to Private Treaty (or 'open market') transactions where, as the seller, you will often pay your Estate Agent a commission.
With auction, you're in control
Your dedicated Auction Specialist will work closely with you and your Estate Agent to agree on the best auction route for you.
They will discuss a pricing strategy with you, agreeing both an undisclosed Reserve Price (the minimum amount you'll accept for your property sale) and a Starting Price (the price your property is advertised at, to generate interest).
Your Sellers Guide to Auction
Selling at auction is safe and secure. Once you know that auction is the choice for you, we'll handle the rest alongside your Estate Agent. Take a look at our handy guide to see what's involved:Download our guide
Preparing to sell at auction
It's important to provide potential buyers with the key information they need upfront. We prepare an Auction Pack for each auction property, containing a collection of documents which also helps to speed up the Conveyancing process, saving vital time further down the line.
If your property is a Leasehold you may also need to provide a Management Pack which you can request from your Freeholder or Managing Agent.More on Auction Packs
Advertising your property
Your Estate Agent will market your property in a number of ways, which may include advertising, social media and using leading property portals among other avenues.
In addition to this, your property will also feature on the iamsold website and will be directly advertised to our database of known buyers.
Not sure where to start?
Get a quick valuation on your property to start the selling process.Value my property
*Source: Home Owners Alliance 2022
^Based on Standard Properties. From receipt of draft contracts
Selling at Auction FAQs
A Private Treaty sale is the legal name for an open market sale usually negotiated via an Estate Agent between buyer and seller. Once a price is agreed, Solicitors are instructed and all parties work the sale through to exchange and completion. There are no Reservation Fees or timescales on a Private Treaty sale but this can cause completions in excess of 100 days* with around 30%^ of sales falling through. All auction sales have an end date and once the auction closes and an acceptable bid is agreed, a Reservation Fee is typically paid by the buyer to secure the property or the property exchanges which reduces the fall-through rate to around 5%. This gives buyers and sellers speed and security with fixed completion timescales; typically 28 days for Traditional Auction and 56 days*^ for Modern Method of Auction from receipt of draft contract.
Should an auction end with the highest bid being below your Reserve Price, then your Auction Specialist will still discuss this with you and you could, if desired, accept this bid.
If you are looking for a sale with more security or need to sell quickly, then auction is certainly worth considering. Due to the quicker timescales involved, if you are likely to be in a chain, i.e. you are moving on, it is unlikely auction will be right for you.
Recently sold properties
The Guide Price or Starting Bid for each property shows the level at which the bidding will start. These amounts are for guidance only and are not the price that the property is being sold for. This amount may occasionally change during the marketing period. Each Guide Price or Starting Bid has a corresponding Reserve Price. Learn more in our FAQs section.