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Auctions

Download our Buyers Guide courtesy of iamsold

Benefits of Selling at Auction

Auction might not suit every circumstance, but there are some great benefits and with Castle Estates working in partnership with iamsold, selling your property at auction has never been easier.

COMPLETE FASTER

Private Treaty can take 100+ days to complete whereas auction provides fixed exchange timescales of 28 or 56 days from receipt of draft contract.* This means you can plan your move more easily.

OPTIMISED EXPOSURE

An attractive Starting Bid drives interest and with all parties having visibility of all offers, it encourages competitive bidding, which can help to drive up the final selling price of your property.

ADDITIONAL SECURITY

With auction, buyers pay a non-refundable Reservation Fee or deposit to secure the property so all parties can move forward with confidence.

A Reservation Agreement is also signed by the buyer, committing them to complete the purchase. This means the risk of fall-through with auction is less than 5%, unlike Private Treaty which has an average fall-through rate of 30%.

NO SALE, NO FEE

Nothing to pay if your property doesn’t sell. You only pay an Auction Pack Fee on completion.

For pricing information please speak to your Auction Specialist or refer to your Auction Contract.

*based on standard property types.

Auctions content courtesy of I am sold, part of the I am property group.

The Auction Process

You’ve decided to sell your property at auction and chosen the method that suits your needs and property best – let’s get started!

  1. PRICING

    We’ll discuss and agree an undisclosed Reserve Price (the minimum amount you are prepared to accept for your property) and a Starting Bid (the price that the property is marketed at to generate interest).

  2. GETTING PREPARED

    You will be asked to complete a property questionnaire - to avoid any delays, try and get this completed as soon as you can.

    • Castle Estates prepares property details, including photographs and EPC if required.

    • The friendly auctions team will complete identification checks with you. Don’t worry, this is a quick and easy process but is a legal requirement for anyone selling a property.

    • The team will prepare an Auction Pack, this provides property information to potential buyers and includes legal documentation, such as Title Documents and Searches.

    • 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 who will confirm the cost payable by you.

  3. PRE-AUCTION MARKETING

    We begin to advertise your property whilst the Auction Pack is being prepared to generate as much exposure, interest and as many viewings as possible.

    A Reservation Agreement is also signed by the buyer, committing them to complete the purchase. This means the risk of fall-through with auction is less than 5%, unlike Private Treaty which has an average fall-through rate of 30%.

  4. READY TO GO!

    Once the Auction Pack is completed, the property can go to auction and bidding can begin. Your Auction Specialist will agree an appropriate start date with you, and best auction duration depending on the levels of interest.

  5. BIDDING

    Interested parties who have registered can bid on the property. 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.

  6. YOUR PROPERTY HAS SOLD

    Depending on the method of auction you have chosen, the buyer will have either 28 or 56 days from receipt of a draft contract from the buyers Solicitor, to complete the purchase. In both cases the buyer will have paid a fee to reserve the property, so they are committed to the purchase.

  7. NEXT STEPS

    The Auctioneer’s in-house Completions team will help to progress the sale, keeping you updated every step of the way.

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