Selling a property at auction can be an exhilarating experience, offering a swift and often effective route to a sale, particularly for unique homes or those needing a quick turnaround. However, it differs significantly from traditional sales, so understanding the process is crucial.

Setting the Reserve Price is your first step. This confidential minimum amount ensures your property won't sell for less than you're willing to accept. If bidding doesn't reach this price, the property remains unsold.

Next, you'll need a solicitor to prepare a Legal Pack. This includes essential documents like title deeds and property searches. Prospective buyers review these in advance, so transparency is key.

Marketing Before Auction Day is vital to generate interest. Your property will be featured in the auction catalogue and open days will be arranged for viewings, ensuring potential buyers have ample opportunity to see what’s on offer.

On Auction Day, the atmosphere is fast-paced. If bidding meets your reserve and the hammer falls, the sale is legally binding. The buyer pays a deposit immediately, with completion typically occurring within 28 days.

There are clear Advantages of Auction: speed, certainty with no chains or fall-throughs, and the potential for competitive bidding to drive up the price. However, it's important to consider that auction fees are generally higher than traditional sales, and costs may still apply if your property doesn't sell.

Selling at auction is ideal for those prepared for a swift, no-nonsense transaction. With the right preparation, you could achieve a successful sale under the hammer. And if you're considering selling your property in Tunbridge Wells, we at Maddisons Residential are here to guide you through every step of the process.

 

 

 

If you need advice and help on buying or selling a property, please contact us to speak with one of our award-winning team who will be able to help you.