Discover how auctions could work for you
Selling your home by Auction can potentially make your property sale quicker and more secure, and at relatively low cost to you as the buyer pays the selling fee, more importantly it makes the process of selling as simple as possible.
Marriotts can facilitate selling your property by Auction, working in conjunction with Whoobid Property Auctioneers.
Traditional Method of Auction (instant exchange)
This is the method of auction you will probably think of when you hear the word ‘auction’ with exchange happening on the fall of the hammer and completion following within 28 days. This process has been modernised by putting the process online allowing people to bid from the comfort of their own homes, taking away the anxiety and pressure that often comes with auction room sales. With the process being online it opens the market up to a wider range of buyers who may have otherwise not been able to make it to an auction room.
At the end of the auction the winning bidder will be bound the auction terms and the Buyers Premium will be paid.
Modern Method of Auction (28 days to exchange)
This works in the same way as the traditional auction whereby the auction takes place online, however the property does not exchange on the fall of the hammer. Instead, the winning bidder agrees to enter into an exclusivity agreement which grants the winner 28 days in which to exchange. This method of sale opens the auction market up to properties that may not have been suitable for traditional auction as motivated mortgage buyers will have time to raise finance on the property.
The benefit of this method is that you are not narrowing your market to predominantly ‘cash buyers’, as with traditional auctions. At the end of the auction the winning bidder will be bound by the auction terms and the Buyers Premium will be paid.
Benefits of the Modern Method of Auction
- 0% Sales Commission as our fees are paid by the buyer upon them winning the auction*.
- Mortgage Buyers are also able to bid on your property as they have sufficient time to arrange finance which opens up your potential market.
- Quick Sale with a tailored, fixed marketing period to generate interest, the winning bidder has 28 days to exchange following the completion of the auction - if they fail to do so you are free to re-market the property.
- Security as the buyer will have made a significant financial commitment upon completion of the auction by way of the Reservation Fees.
- Maximise Interest by using a proven marketing strategy to drive competition between potential buyers to push the price up.
- Simplify the Legal Process as much of the work will be done prior to the auction taking place by way of the Legal Pack.
- Set a Reserve which guarantees the property will not sell below your desired figure.
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