The Selling Process – How does auctioning a house work?

You must first contact an auctioneer or estate agent offering this type of auction sale. They will usually offer a free initial valuation and walk you through the process of setting a reserve price and starting bid. Examples of such auctioneers include I am Sold auction and SDL auctions.
The agent will then commence the marketing process
Whilst the agent carries out these formalities, you must then instruct a conveyancer who must prepare an auction title information pack, ready for inspection by potential bidders. You can find more details of what an auction information pack usually contain by visiting our property auctions page on this website.
Once the legal pack has been prepared and supplied to the selling agent, they will then agree a date with you for when the auction will go live, together with your instructions on how long you wish for it to run. Typically, this is around two to three weeks.
At the end of the auction period, the winning bidder will instruct their conveyancer to begin formalities
Exchange and Completion will then usually take place in 4 to 8 weeks, depending on the specific auction terms.
If you are considering selling your property, our conveyancer’s can help in preparing the buyers information pack and subsequently the conveyancing formalities thereafter. Similarly, if you are looking to buy a property using this method, our conveyancer’s can also assist you with your pre-auction title checks which is a must before you commit to bidding on the property.