Are you considering selling at auction?
We have a number of FAQs for sellers below to help guide you:
1. Do I need a solicitor?
Yes, you will need to decide your solicitor prior to bidding and input the details on the interested lot. As the property will exchange contracts immediately you will need to have a solicitor ready who will proceed to purchase if you are the winning bidder. If you are unable to find one, it’s not a problem, under the hammer have great panel solicitors available who also charge a competitive fee for conveyancing.
2. Can I set a reserve price?
Absolutely. The reserve price or what’s also known as the reservation price is the minimum amount that a seller will accept as the winning bid.
The property will not be sold for any less than this amount and the reserve price is never published and remains confidential between the auctioneer and the seller.
3. Where is the property advertised?
As well as under the hammer portal, sellers properties will also be advertised with the instructed estate agent and through their normal advertising means.
Properties are generally marketed for a month period prior to bidding commencing.
4. Do viewings still take place?
During the month's marketing period, viewings will take place to ensure every possible buyer has viewed and inspected your property to ensure maximum exposure and give it the best chance to sell for the maximum value anyone is prepared to pay.
5. Where does the bidding take place?
Following the month's marketing period, bidding will generally open for 2 days. All interested parties will have registered their interest, and then will bid it out through our website.
6. How long does the whole process take?
From the date the property is marketed and sold it generally takes just 1 month / 30 days to reach a point your property is sold and exchanged.
At this point, the sale becomes legally binding. Completion will be suited to your needs which is generally 4 or 8 weeks (whichever you decide upon instructing the property).
7. Do I still need an estate agent?
We operate our auctions through under the hammer. As it is a bidding platform an estate agent will be required for marketing and for viewings. However this is something under the hammer can take care of for you. We work with hundreds of top agents across the country and we will select the one we feel will be best suited for your property.
8. Can any property be sold through this method?
Absolutely! This platform is not just for your typical run down, derelict or run down properties. We recommend 8 weeks for completion to open doors to every possible buyer. Our competitive bidding platform seeks to find the highest bidder for any given property ultimately finding you the maximum value anyone is prepared to pay, whilst providing you with the most secure method of sale.