Property Auctions

As part of our commitment to service delivery we continually strive to offer our customers more. We are now able to offer a quick and easy option to buy or sell your Sunderland property in a fixed timescale, offering an effective alternative solution with many other benefits.

Our new and exciting property auction site enables you to buy or sell your property from the comfort of your home or even on the move with access to the site 24 hours, 7 days a week. This process is called ‘The Modern Method of Auction' and provides greater flexibility for buyers and a fast and efficient experience for sellers.

Why Use Peter Heron Auctions

• Free valuations
• Fast and effective
• Unique pricing strategy to guarantee the best auction price in the current market
• Zero Fees
• No risk of lengthy chains
• Well known, respected and trusted local agent
• Over 50 years of property experience
• Property experts with local knowledge
• Part of the Home Sale Network – a sign of great quality and service

Benefits Of Selling At A Property Auction

Commission to pay on sale of your property

Through The Modern Method of Auction, the buyer pays a non-refundable reservation fee once their offer is accepted. This fee covers our costs and gives you peace of mind that they are serious about buying your home.

Non-refundable reservation fee

Once the auction is closed, the buyer will pay a non-refundable fee to reserve your property for purchase. The amount is calculated against the final selling price and assures you that they buyer is in a position to proceed.

Unique pricing strategy for maximum return

We can guarantee to get you the best price in the current market. Our unique pricing strategy creates high levels of interest which in turn can create more offers and a higher final sale price.

Fixed timescales

When selling a property through traditional methods there are no guarantees that things will go to plan. Chains can cause delays or cause a sale to breakdown or buyers can pull out at a late stage. When selling at a property auction you have a known fixed timescale for exchange and completion giving you added peace of mind.

If you are interested in speaking to one of our property auction advisors you can call into our Sunderland City Centre or Fulwell branch or call 0191 510 3323

Benefits Of Buying At A Property Auction

Purchase at realistic market value

Properties listed on the auction site are priced to sell in the current market and are often empty with no chain.

Flexibility to bid anytime, anywhere

As the auction is online you can view and bid on a property at any time, 24 hours a day.

Fixed timescales

When buying a property through traditional methods there are no guarantees that things will go to plan. Chains can cause delays or cause a sale to breakdown. When buying at a property auction you have a known fixed timescale for exchange and completion giving you added peace of mind.

More time to complete

When the auction closes the winning bidder has 28 days to exchange contracts and a further 28 days to complete the purchase giving the buyer more time to organise finance or a mortgage.

If you are interested in speaking to one of our property auction advisors you can call into our Sunderland City Centre or Fulwell branch or call 0191 510 3323.

Property Auctions FAQs

Q. How long does the auction last for each property?

A. Most of the auction properties on the site are live for 30 days, and at any point during this time you can place a bid on a property. To see how much time is remaining on a specific auction, click on the search section or on property details where the time remaining will be displayed in the top left corner.

Q. How do we get paid?

A. All auction sales are subject to a reservation fee which covers our costs (unlike traditional property transactions where the seller pays the fee). This is a percentage of the final sale price, and is in addition to it. The reservation fee reserves the property for the buyer and must be paid at the end of the auction. If the sale falls through due to an act of the vendor the reservation fee will be refunded to the buyer in full. If it falls through because of the buyer it is not refundable.

Q. Why would someone pay a fee to purchase a property?

A. When looking to buy a property, most people will look at the total purchase price, and all of the lots available through our online auction are priced realistically and to sell.

Q. Is the bid binding?

A. In the modern method of auction, the bid obliges you to pay a reservation fee and sign the reservation form. It does not bind you to buy the property but reserves you the right to exchange contracts on the property at an agreed price within 28 days of the bid being accepted.

Q. How quickly do I have to buy the property?

A. With the modern method of auction, when the auction closes the winning bidder has 28 days to exchange contracts and a further 28 days to complete the purchase. This additional time makes it more appealing to those buying with finance or a mortgage because there is more time to get the necessary paperwork completed.

Q. How do I place bids?

A. Firstly you will have to register with us. A link to the registration form can be found on the top bar of the home page. Once you have completed the registration form, you will be sent a welcome email confirming that you are registered to bid. Alternatively, you can call and speak to one of our auction coordinators and they will place a bid on your behalf.

Q. Can I place bids outside the auction process?

A. If you would like to place a bid on a property before the auction has finished it will be dealt with on an individual basis. By law, we must put any offer that is made forward to the seller. It is then up to the seller to decide if they want to consider the offer and take the property out of the auction early. In this scenario, the reservation fee is still payable and the terms and conditions of the auction still apply.

Q. What if the reserve price is not met?

A. If the reserve price is not met during the auction, we will communicate with the seller and any interested parties to see if a sale can still be achieved. If you are interested in an unsold lot please contact a member of the auction team.