Guide to Auction


An alternative way to sell or buy

Property auctions are an opportunity to sell or buy in a quicker, defined time frame. Growing in popularity, we offer traditional and subject to contract online auction sales. If this is something you are considering please contact your local Oulsnam branch and they will be very happy to answer any questions you may have.

Why use auctions?

Selling through auction is not just for properties that need renovation. It can be a quick and efficient way to sell property and suits a number of situations mainly:-

  1. Where there is a high demand for a particular type of property;
  2. Where the value of the property is difficult to gauge;
  3. When you need a quick and certain sale;

Selling via auction is a fair and open process for both the seller and the buyer.

Get a Valuation
The Procedure for Auction

The Traditional Method Of Auction

This is not open to all buyers as they have to be in a position to exchange contracts immediately when the auction finishes. Sales normally take place in a public auction room but can be private or online. The person arranging the auction (The Auctioneer) will invite bids off the people present, he will constantly indicate the person who has made the highest bid and encouraging others to bid. Once everyone has stopped bidding, the Auctioneers hammer will fall and he will point to the highest bidder.  The key point is when the hammer falls this is deemed to be exchange of contracts and the buyer is immediately committed to pay a 10% deposit and complete in about four weeks. They would be expected to have their finance in place and any survey done.

Most buyers involved in a chain cannot consider this method however, it is well suited to those buyers with sufficient funds. In normal circumstances the seller will pay for all the costs of taking the property to auction.

FAQ about Auctions
Oulsnam Marketing

The Modern Method Of Auction

We have partnered up with iamsold to enable buyers and sellers to reserve properties online – with a commitment to exchange within 56 working days.

This more accessible route creates a transparent platform for buyers and sellers combining the best aspects of traditional auction and private treaty sales. In the Modern Method, the property is offered for sale online (similar to ebay).

The Modern Method of Auction offers you the opportunity to sell your property quickly and securely for a price that you are happy with. The auction takes place online, putting your property in front of a wider audience of prospective buyers, there are no estate agency fees to pay and the realistic fixed-timescales see buyers exchange and complete on your property within 56 days. So, if you are looking for a quick sale at a price you are happy with, then the Modern Method of Auction could be the perfect solution.

The Modern Method of Auction opens the auction market up to residential buyers, creating a larger marketplace and more interest and activity than traditional auction. The buyer has plenty of time to arrange mortgages and surveys and get their chain complete. It is the preferred route for buying and selling via auction and has changed the perception of auction in the last decade. The buyer pays a substantial deposit that will cover the cost of selling at auction and the seller may not have to pay anything.

Get in Touch