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The Lansdowne Building
2 Lansdowne Road, Croydon
CR9 2ER
© 2020 Truuli Limited. All rights Reserved
Registered Company Number 11343947
Selling at Auction
Advantages of selling at auction
Our experienced team can help you sell your property quickly and effectively.
The benefits of selling property at auction:
Transparency
The open competition of the auction room provides a transparency of sale not available through private treaty methods, ensuring that your property is sold to the person willing to pay the most on the day.
Certainty
A Traditional auction contract is unconditional. Once the hammer falls the buyer immediately puts down a 10% non-refundable deposit and contracts are exchanged.
We also offer Conditional auctions this means that the fall of the gavel secures the winning bidder with an exclusive ‘right to exchange contracts’ on the property within the prescribed time frame – usually 28 days from receipt of a draft contract.
Competition
With more than one person bidding on your property, the competitive environment has the potential to push up the final sale price of your property substantially.
Time
Auction contracts work to specific timeframes, meaning the completion date where you will receive the full amount from the sale is fixed, which is unlike a traditional sale.
How to sell at auction
Step one: is your property suitable for auction?
Most types of property are suitable for auction depending on a realistic reserve price being agreed, however some types of property are more suitable for auction than others. For instance a property that is in need of modernisation and refurbishment will be particularly popular as a large number of builders and developers attend auctions and therefore might achieve a better price than sale via private treaty.
Step two: decide on a reserve price
To proceed with placing your property for auction the most important step is agreeing a reserve price, this being the minimum price which we can sell the property for. We are able to advise you on where we would recommend this should be set.
Step three: pre-auction
Once a reserve price is agreed we arrange an appointment to inspect the property and take marketing details and photos. At this point we would also need you to instruct a solicitor to prepare legal documentation for the property.
After inspecting the property we will prepare a set of details and publish these in our auction catalogue and on our website together with other property portals such as Rightmove, Zoopla and OnTheMarket.
If you would like more information on how the auction process works or to enquire about entering your property into an auction, contact the Truuli Auctions team on 0330 043 0002 or email [email protected]