How To Sell A Property At Auction

Selling a property at auction can often be exciting yet unnerving for a property vendor. You may be selling a property at auction to achieve a quick sale or you may find that an auction is your option of last resort in order to obtain a sale. Whatever the reasons are for proceeding to sell at auction it is extremely important that you are aware of what is required in preparation for auction day.

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What Is An Auction Pack?

When selling a property at auction, the auction house will ask you to prepare an auction pack which will be made available to the public prior to the auction on both the Internet and via hard copy. The creation and submission of the auction pack can make the difference between your property selling on the day, or remaining as stock. Failure to provide a comprehensive auction pack may deter any prospective purchaser from making a bid due to the uncertain nature of what may affect the property.The importance of a comprehensive auction pack cannot be emphasised enough, as at an auction the exchange of contracts, when the buyer becomes legally obliged to purchase the property, often happens on the fall of the hammer and therefore buyers require information up front via the auction pack.

At Tilly Bailey & Irvine we are able to prepare a comprehensive auction pack ahead of the auction to ensure the highest possibility of you selling your property. We would recommend that the following documents are included within an auction pack:-

1. Draft Contract

2. Office Copy Entries

3.  Title Plan

4.  Property Information Form

5.  Fittings and Contents Form

6.  Local Authority search, Drainage search and Environmental search

7.  Auction house terms and conditions

8.  Planning permissions and building regulations documents

9.  Any warranties held for the property

Should you be considering placing your property for sale by auction please don't hesitate to contact us where we will be able to discuss the contents of an auction pack and the costs associated for creating an auction pack for you.