The selling process
Once you've decided to sell at auction, your Estate Agent and iamsold will take care of the rest. It couldn't be easier.
1. Pricing strategy
To encourage as much interest as possible, your experienced Auction Specialist will discuss a pricing strategy for your property with you.
We’ll also discuss and agree a Reserve Price. This is the minimum price you're willing to accept for your property's sale and is designed to keep you in control. This amount remains undisclosed to any potential buyers.
Lastly, your Starting Price will be set, which is the price that your property is marketed at to generate maximum interest.
2. Getting prepared
At this stage your Estate Agent prepares the property details (including photographs and EPC), meanwhile the iamsold team will complete ID Checks with you and the Auction Pack will be prepared.
At this stage you'll be asked to complete a property questionnaire. To avoid any delays, try and get this completed as soon as you can.
3. Pre-auction Marketing
We begin to advertise your property whilst the Auction Pack is being prepared, in order to generate as much exposure, interest and as many viewings as possible.
The more activity and interest in your property, the more likely there is to be competitive bidding which can drive up your property's final selling price!
4. Ready to go!
Once the Auction Pack is complete, your Auction Specialist will discuss the best timeframe with you and set out your property's auction start and end date, then bidding can begin.
Interested parties who have registered can bid on your property. Typically, the auction will end when the auction timer runs out and a sale will be agreed if a bid is received on or above your agreed Reserve Price.
If a bidder places a bid in the last two minutes the timer will reset to two minutes, to ensure everyone has a chance to place their bid and to encourage the best possible selling price for your property.
6. Your property has sold
Depending on the method of auction you've chosen, the buyer will have either 28 or 56 days* from receipt of a draft contract to complete the purchase. In both cases the buyer will have paid a Reservation Fee to reserve the property, so they're fully committed to the purchase.
7. Next steps
Our expert Completions Team will help to take the sale through to the final stage pf the process, keeping you updated every step of the way until your completion is final.
*Based on standard properties. From receipt of draft contracts
The iamsold sellers guide to auctions
This video covers all aspects of selling a property through the Modern Method of Auction, including how auction works, the steps involved and what sellers can expect.
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.
An attractive Starting Bid increases interest and encourages competitive bidding between prospective buyers, which can help to drive up the final Selling Price of your property. Auction is for those sellers who are looking for the additional benefits of speed and security so pricing strategies are designed to help your property sell quickly. However, you always have control with your undisclosed Reserve Price (the minimum amount you are prepared to sell for) which means if no bids meet this, your property does not sell.
Should a property not sell in the first auction cycle it is relisted for a second period. We can run as many auction cycles as it takes to successfully find a bidder. You can withdraw the property once the 60 day sole selling rights has expired with no charge to yourself, subject to a 21 day withdrawal period.
If your circumstances change, you should discuss this with your Auction Specialist as soon as possible, who will be able to advise you of your options. If you do need to withdraw your property from sale at auction you need to give 21 days written notice. If withdrawal is completed within your minimum 60 day contract period, you may be liable for auction fees. If an auction has been completed and a sale has been agreed and you wish to withdraw from the sale, you will likely be liable for auction fees as detailed in your Auction Contract. If you have any concerns, you should always discuss these with your Auction Specialist.
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.