Auctions

Selling at Auction with Lextons

The landscape of selling property at auction has changed a lot in recent years. No longer is it seen as simply an option for properties in need of complete modernisation or repair. Today, almost any kind of property is suitable for sale at auction, regardless of value, age, size, condition or style.

Here are just some of the other property types we help vendors sell at auction:

  • Residential investments
  • Commercial investments
  • Mixed investments
  • Freehold ground rents
  • Garages
  • Tenanted flats and houses
  • Repossessions
  • Flats with short leases
  • Properties not suitable for a mortgage, such as flying freeholds
  • Flats above commercial properties where mortgages are difficult to obtain

 

Ready to find out how your property could perform at auction? Get in touch now for your free auction appraisal.

Lextons Estate Agents
Lextons Auctioneer - Simon Caplin
Lextons Estate Agents

Why selling at auction is becoming a first choice for many sellers

The TV show Homes Under the Hammer has brought the world of property auctions to a wide audience and has shown just how simple and rewarding the process can be – for both sellers and buyers.

The big advantage of selling at auction is that it removes the uncertainty which can often occur during a traditional sales process. Issues with complicated chains, last minute renegotiations, buyers backing out, and late survey surprises are all avoided when selling at auction. So, for anyone who wants to sell with certainty and less stress, choosing the auction route can be hugely beneficial.

When selling at auction, it’s possible to complete the sale within a very short timescale, efficiently and transparently.

 

When to sell at auction

Wondering if selling at auction could be the best option for you? Here are some of the times when choosing to sell at auction may be recommended:

  • When you want a quick sale
  • When you want to avoid getting stuck in a chain (auction properties are sold with no onward chain, so there is just one buyer and one seller)
  • When you want to remove the uncertainty associated with traditional sales
  • When you want to make a wide range of buyers aware of your property
  • When your property requires modernisation or repair and is therefore likely to appeal to developers or is likely to achieve a better price at auction than on the traditional property market
  • When market demand suggests your property could achieve a much higher selling price at auction
Lextons Estate Agents
Lextons Estate Agents

What happens when a property is sold at auction?

Here’s a quick guide to the auction process.

  1. We’ll provide you with a free auction appraisal to advise whether selling at auction is a good option for you and your property. When we are instructed to auction your property, we’ll immediately ask your solicitor for a full legal pack. This includes all the documents required by a buyer’s solicitor.
  2. We’ll help you set the correct guide price to encourage interest in the property and attract multiple bidders during the auction.
  3. We’ll market your property in advance of the auction to ensure that a wide range of private and professional buyers know about your property. We’ll then arrange guided viewings for serious potential bidders.
  4. At the auction, potential buyers will make their bids. Our aim is to attract multiple buyers all eager to bid for the property in order to achieve the best price. Often the final selling price can exceed the reserve amount by up to 15%. Once the reserve is met, the bidding keeps going until the last and highest bid has been received. When the gavel comes down the contract is immediately legally binding. This means the buyer is unable to renegotiate the price or change their mind.
  5. Once the gavel has fallen, the buyer is expected to immediately pay a minimum deposit of 10% of the selling price and complete the transaction within 28 days (if this is the time frame the seller has stipulated in the legal pack).
  6. You are fully protected by the reserve. This is the MINIMUM amount your property will sell for and cannot be sold for a single penny below this figure. The reserve figure is normally set a couple of days prior to the auction and is at the discretion of the seller.

When you choose Lextons to sell your property at auction, we’ll be by your side at each step, providing advice and updates at every stage.

If you have a question or would like more information about selling your property at auction, contact us and we’d be delighted to help.

Why selling at auction could be the most efficient and rewarding option when selling your property

Here are just a couple of examples of Brighton & Hove properties we’ve sold through the auction process:

Case Study 1 – Significantly exceeding the reserve price

A good example of encouraging competition within the auction room was seen when we auctioned a flat in Hove for a client. The property had a larger than average garden with fantastic development possibilities. The property had a reserve price of £180,000 but sold for £320,000 during the auction. The reason why? There were 12 people all bidding for the property at the same time!

Case Study 2 – From viewing to exchange of contracts on one day

Selling a property at auction is about much more than just what happens on auction day. In fact, some clients find that the interest generated allows buyers will make offers to purchase ‘pre-auction’. This means the seller can often choose to sell their property for a premium even before auction day, if they wish.

One example was a freehold property in Hove which we were asked to auction. A potential buyer made an appointment to view the property two weeks before the auction date. The same day, they made an offer which was significantly higher than the reserve amount was likely to be set at. The seller decided to accept the offer and the contracts were exchanged that very same afternoon.

Lextons Estate Agents
Lextons Estate Agents

10 benefits of selling your property at auction with Lextons

  1. Our purchasers are almost always 100% cash buyers and are chain, mortgage and survey free.
  2. On average, our final selling prices exceed the reserve price by 15%.
  3. The moment the gavel comes down, the contract is legally binding so the buyer cannot renegotiate the price or withdraw from the transaction.
  4. Pre-auction sales are often concluded within 48 hours of an offer being accepted.
  5. We’ll create a bespoke marketing campaign for your property, with advertising on all the essential property portals, including Rightmove and Zoopla.
  6. Auction lots are also listed on a specialist website which averages 30,000 visits per day, giving your property maximum exposure.
  7. Our specialist auctioneer has over 37 years’ experience of selling property across Sussex and has been involved in some of Brighton & Hove’s largest auction transactions.
  8. When you auction with Lextons, you’ll gain access to our extensive database of local, national and international buyers.
  9. All viewings are accompanied by a member of the Lextons team who will have detailed knowledge of your property.
  10. We’ll guide you through the entire process from the moment you instruct us to market your property until the sale is complete, with regular updates at every stage.

 

Want to find out more about how Lextons can help you sell your property quickly and efficiently at auction? Get in touch now for your free auction appraisal.

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