FREQUENTLY ASKED QUESTIONS ABOUT AUCTION
Is my property going to sell? There are two components needed to maximise the chances of selling through auction; a motivated and realistic seller, and secondly, great marketing exposure. Our marketing strategy will guarantee you the fairest price in the current market for your property. If you decide to explore the auction route further, a member of our Auction Department will discuss the most effective pricing strategy to maximise interest on your property.
Do I have to accept the highest bid? No, all properties are sold with an undisclosed minimum reserve price (agreed with the seller). The only price the public sees is the starting and actual bids; the reserve price remains confidential. Once the reserve price has been met and the auction is closed the sale will proceed. A Reservation Fee/Deposit is then taken. If you choose to pay no sales fees, the Reservation Fee will not form part payment of the purchase price but will be paid in addition to cover the costs of the process.
Can I accept bids outside the auction process? Yes. You can accept a bid to sell the property before the auction has finished. By law we are duty bound to put any offer forward to you. It will then be up to you to decide if you want to consider the offer and take the property out of the auction early.
How quickly will I have to move out? Depending on which auction option you select this can be decided by you but will generally be between 28 – 56 days.
If the prospective buyer does not agree to pay the fee, will I lose my offer? The law requires that any offer made to purchase your property must be passed on by the agent unless you have said that offers of a particular type are not to be advised to you. If the prospective buyer does not agree to pay the fee, the agent should advise you accordingly and seek your instructions.
If the actual buyer then refuses to pay, will I have to meet the agent’s fee? This will depend on the specifics of your individual contract(s) with the agent. The agent should explain this clearly to you before you sign anything. The actual buyer has entered into an agreement to pay the fee so it is for the agent to pursue the buyer, but the agent must make clear to you what will happen in such circumstances.
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