Also known as the traditional auction method, which most people are familiar with. The purchaser will exchange contracts on the fall of the gavel and pay a non-refundable 10% deposit. Completion is usually set within 28 days giving you and your purchaser certainly of sale. This method does put some buyers off because they find it difficult to gather their finances together in 28 days.
Conditional auctions are considered to be a more flexible auction method. The purchaser pays a reservation fee to secure the property and is granted 56 days to exchange contracts and complete. This more flexible way of selling can give the purchaser longer to obtain funding, therefore potentially attracting more bidders which can result in a higher price being achieved.
Our online auctions give you total flexibility over the sale of your property. You can choose a conditional or unconditional sale, giving you the same benefits of selling in a room auction but allowing you to set a timescale to suit your circumstances. Some customers have said this is like “Ebay for houses”, with interested parties placing their bids from wherever is convenient for them, and bidding against each other to achieve the best price possible at the end of the sale.
In Room Auctions
With over 40 auctions held across the UK each year, there is always an auction not too far away. They are held in prestigious venues and can attract up to 1,300 people. The auctioneers have a wealth of experience and work hard to achieve the best price possible for each property offered. This does require bidders to be present in the room or appoint a proxy to vote for them.
If you’d like to discuss our property auctions in more details, please contact our sales team today.