Frequently Asked Questions for Sellers

Thinking about selling a property at auction? Known for their speed, certainty and ability to drive high prices through competitive bidding, this is a great alternative to open market sales. However, we understand that it can be daunting if you have never sold a property using this method before. 

You may have a lot of questions about the process, and we have likely heard them from other clients before. To help you understand how property auction sales work, we have created a list of our frequently asked questions. We hope this will give you the confidence to trust our services. 

If our FAQs do not cover one of your more specific questions, please call 0345 646 2288 or complete our contact form to ask our team directly. 

Auction terminology for sellers 

Reserve price 

Set and fixed prior to the auction, the reserve is the minimum price an auctioneer can sell a property for. As the seller, you get the final say on what the reserve price is set as, so you can be sure your property won’t go for a penny less than you’re happy with. The reserve price is also completely confidential, so buyers won’t know what this is when bidding. 

Guide price 

At auctions, guide prices act as an indication of the value of the property, and are used to help potential buyers make more informed bids. Our auction advisers work with sellers to help set the guide price, which must be within ±10% of the reserve, and they’re often deliberately set below the actual market value of the property to encourage early bidding.  

Auction appraisal 

An auction appraisal is a completely free, no-obligation process in which our auction experts estimate the value of your property. Unlike other auction houses, we do this manually, considering everything from property (or land) type to recent sold prices in the same area to ensure our appraisal is as realistic as possible. Once we’ve done this, we work with you to set the reserve and guide prices to attract buyers and achieve the best sold price possible. 

Pre-auction questions 

What property types can I sell at auction? 

Most property types can be sold at auction. Our residential buildings include houses, flats/apartments, and bungalows, and our commercial properties include retail units, restaurants, warehouses, and more. You can also sell purchase land, with both development and agricultural land doing well at our auctions.  

Condition doesn’t matter either. Whether your property is pristine and freshly refurbished, or needs considerable development work to make livable, the wide range of buyers we attract ensure there’s appetite for every type of property.  

How is the value of my property determined? 

You will get a free appraisal when you choose BTG Eddisons Property Auctions. An expert member of our team will assess the property’s condition and compare it to similar properties recently sold in the area. For commercial properties, these elements will also be considered along with the trading potential of the building. 

How much does it cost to sell a property at auction? 

We offer a number of methods of sale and our fees differ for each sale type. Our experienced surveyors will talk you through our methods and sale options. Regardless of this, you will need to pay roughly £300 to £500 to have a solicitor prepare the property’s legal pack and anywhere from £450 to £750 to instruct a solicitor for conveyancing. There’s also additional non-auction specific fees and taxes to think about, such as Capital Gains Tax. 

Will I need a solicitor to sell my property at auction? 

Yes, you will need to instruct a solicitor to prepare the legal packs and carry out conveyancing on the property. Additionally, though your solicitor doesn’t need to be available during the auction itself, they will be responsible for completing the sale alongside the buyer’s representative solicitor. Our teams will also be on-hand to make sure this process goes smoothly. 

Who will conduct the viewings? 

In most cases, our team will be able to conduct viewings of your property on your behalf and, if not, we will usually be able to create a virtual tour through video instead. The most common reasons that we wouldn’t be able to do either of these options is if the condition of the property poses a safety risk to a member of our team, or if the property being sold has a tenant in situ and access is restricted.  

How quickly can my property sell at auction? 

Selling at auction is a reliably quick process. From requesting your appraisal and agreeing sale conditions, our teams work quickly to get your property marketed and visible to potential buyers. Timeframes for this will depend on your method of sale, whether you opt for inclusion in our National Auction Event, or Single-Lot Timed Auctions that remain open to your schedule. 

Once the auction finishes and your reserve price is met, completion is usually fixed at 28 days. 

Auction day questions 

Can I accept an offer before auction day? 

Yes, you can accept offers from buyers before the day of the auction. These offers will always come through our team, and any that meet the necessary conditions of exceeding both the reserve and the guide price will be passed onto you for consideration. Rest assured that, if you do choose to accept a bid in this way, the sale will still be held to auction conditions to ensure certainty and legal protection for you both.  

How will I know if my property sells at auction? 

Whether you follow bids as they’re made for Timed Auction, watch the stream online for our Live Auctions or prefer to stay distanced during the sale, our experts will notify you of the result. 

Do auction properties ever fail to sell? 

Yes, sometimes a property may fail to sell. Typically, this is because the reserve price was too high. Should your property fail to sell at auction, it will be added to our catalogue of unsold lots. Buyers are free to make offers on these properties at any time, which means yours could still sell after the auction closes. 

Post-auction questions 

What happens if my buyer pulls out of the sale? 

Though buyer drop-outs are common on the open market, this risk is significantly reduced for auction sales. Due to the conditions laid out when registering to bid, the winning bidder is under contract to complete the sale, or they will lose their deposit and buyer or reservation fee, depending on the type of sale. You may also be able to take legal action against the buyer for any costs incurred after they backed out of the agreement, so you’re protected in the rare case that this happens. 

Do properties sell for less at auction compared to the open market? 

Not necessarily. High interest and competitive bidding can drive up the price of a property significantly, helping sellers receive a better price. For every property we sell, our auction experts work closely with you to carefully market to the right buyers, set appropriate and attractive guide prices, and protect your interests with a reasonable reserve price. 

Ready to Sell Your Property at Auction with BTG Eddisons Property Auctions?

Click here to request your free auction appraisal or call 0345 646 2288 to speak to a member of our team.