Auctions
Property auctions can be an exciting and efficient way to purchase a new home. The home buying process is generally faster than the normal market, and you could find a great deal and complete quickly. If you’re willing to put the renovation work in, auction properties can represent the best buys available.
How auction works - The modern method
Potential buyers can find auctioning daunting and may be put off attending an auction centre and taking part in the bidding process. To make auction properties more accessible and appealing to buyers, we use the modern method of auction. Rather than a traditional auction house, the seller's property will be advertised on an online portal, such as Rightmove or Zoopla, with the bidding process also taken part online.
The Process
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Each property is listed with a guide price, which is what the auction house or seller thinks it could be worth. However, this is different to the reserve price, which is the minimum price the seller will usually accept. The reserve price is usually confidential. It is important to note that guide and reserve prices can change up to and on the day of an auction.
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A starting bid is set, the property is entered into the next online auction with a fixed end date. Buyers can view the property before the auction date, and we encourage them to do so, as when they bid they are committed to purchasing the property. The seller is kept updated with feedback from viewings and offers prior to the auction.
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The property goes to auction and will sell for the highest bid above the reserve. We take the reservation fee and deposit from the buyer and pass their details and the paperwork to the seller's solicitor to complete the transaction.
Tips for bidding at auction
View the property
Always view properties you’re interested in before bidding on a property, so you know what to expect in terms of renovations and repairs etc.
Get your finance in place
If you successfully bid for a property, you will have a set number of days to exchange and complete. As you need a mortgage to buy the property, it is a good idea to have a mortgage agreement in principle organised in advance.
Get a property survey
It is recommended to get a property survey done, so you know exactly what you are buying. This is especially important if you are buying a house that will require a lot of renovation work.
Decide on your price limit
Find out what other similar properties in the area have sold for, so you can make an informed decision on how much you’re willing to pay. Being outbid could mean you lose money used to purchase a survey and a solicitor, but this is a small loss compared to overbidding and buying a property for more than it is worth.
If you are interested in selling or purchasing a via auction and would like some more information, contact us now and one of our friendly team can advise you.
What our customers say about us
Sold my house with Arden, very professional service, quick sell and at my asking price. Will definitely use Arden Estates again.
Sam Ansell
The most professional estate agency in Ward End. I have tried others and will not move from this letting's agent.
Parma Singh
Exceptional service at this Estate Agent both in buying and selling properties and invaluable service with their letting service. Very highly recommended and efficient reliable service. Simply the best.
Veronica Morgan
Very helpful and professional estate agents. They will go out of their way to try and help you and they always have the time to explain to you what's happening. Would definitely recommend!
Mell Cath
We recently sold our property through Arden Estate Agents, and having failed to sell through another local estate agent we tried Arden's after they were recommended to us, I am so glad we did, as they sold our house within a couple of days and kept us in the loop throughout the entire process. I would genuinely recommend them to anybody who wants to sell or buy a property.
John Reid
Exceptional. From meeting at the valuation to sales completion, Arden provided an honest, professional service throughout. Tony and Paul kept me updated with progress from finding a genuine purchaser to ensuring we experienced no unnecessary delays. I highly recommend them. My only regret I didn’t knock their door first. Exceptional.
Declan Galligan
What our customers say about us
We’re always here to help
Frequently asked questions...
When should I arrange a mortgage?
When should I arrange a mortgage?
We recommend buyers seek financial advice early on and ideally have a mortgage in principal prior to viewing. This reassures the seller that you can finance the purchase and will put you in a stronger position than other buyers without one.
How do I arrange a valuation?
How do I arrange a valuation?
You can arrange a valuation easily via our website. Either select ‘Get a free valuation’ from the homepage or navigate to the Contact us Page. Fill out the contact form including details of your request, the property address and a date and time to suit you. Ensure to add your contact information. Book a free valuation.
Are there any fees if my property does not sell?
Are there any fees if my property does not sell?
No, we work on a No Sale, No Fee basis! The only time you pay our fee is upon exchange of contracts.
