Sellers Auction Guide

Once you have spoken to a Surelock Network Auctions agent and decided to sell your property at their next auction you will go through the following process:

  • A qualified consultant from Surelock Network Auctions will visit the property you intend to sell at auction and carry out a appraisal and either advise you or confirm that the property is suitable to be sold by auction.
  • You will discuss and agree the guide price and the reserve price. These are not the same thing; the guide price is the price the consultant appraises the property; the reserve price is the lowest price you’re willing to sell for on auction day.
  • Surelock Network Auctions will already have its auction calendar set, so you will now discuss and agree the best date and venue for your property to be sold.
real estate auction illustration design over white

The Sellers Auction Guide takes a look at the due diligence and marketing of your property.

  • The way in which Surelock Network Auctions markets your property and its auctions will be explained to you. You are likely to discover there is a LOT more marketing done for auctions that there would be if you chose to sell your property through more traditional channels. The marketing includes regular newspaper and industry press slots, email campaigns and of course online listings to encourage viewings.
  • Once you are happy with the price and procedure, you will need to sign our sole and auction agency agreements and pay the required entry fee for the auction. Bear in mind the auction entry fee covers the marketing, survey and the auctioneer on the day as well as all the staff involved at the auction. The auction entry fee is the same for every property entered into the auction regardless of size, location and condition.
  • After everything has been signed and agreed, we will instruct your solicitors to prepare a legal pack. As soon as this pack is ready it will be published on our auction website for prospective buyers to view.
  • As with any property sale, an Energy Performance Certificate (EPC) will need to be prepared (subject to exemptions) for the property, which we can arrange for you.
  • The final sales details of your property will be prepared for you to carefully read through and approve.
  • Once all of the legal work is completed, the marketing of your property in the chosen auction will begin. Newspaper adverts will be placed, details circulated on email and also by post in order to create interest and generate pre-auction viewings.
  • You will be kept informed of the interest levels in the property and also advised of any offers.

The sellers auction guide takes a look at the auction.

  • In the week before auction date Surelock Network Auctions will contact you to discuss the final recommendation for the reserve price. This may have changed from the price discussed originally following the level of interest shown during the marketing phase. If you agree with the final reserve price you will need to sign and return the final reserve figure by letter.
  • Once the gavel goes down and your property is sold at the auction, the purchaser will pay a 10% deposit and contracts will be exchanged. The full sale completion should then be finalised in approximately 28 days. Please note this process can be quicker than 28 days, and on occasion can take up to 6 weeks, but 28 days is the average time.
  • The completion of the sale then takes place in the usual way. However, with surveys already conducted, mortgages approved and the contracts exchanged, all that SHOULD need to be done is mortgage monies ordered and a completion date agreed and adhered to on which the money transfer will occur.
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