Selling at a Property Auction in Sunderland

Selling your property with an online auction agent in Sunderland is an easy and convenient way of ensuring you get the best price for your home. Known as the modern method of auction, it involves putting your house up for auction via online auction specialist and also offers more security when it comes to payment of the initial deposit, ‘locking in’ the buyer.  Read on to find out more about how the online property auction process works in Sunderland via Peter Heron Auctions.

Why should I sell my property at action?

Traditionally, many houses on offer at a property auction tend to be buy-to-let, inherited, commercial, mixed use or part of a plot of land being sold, however, in recent times a lot of sellers now prefer the modern method of auction for the more conventional style of properties.

The modern method of auction has become the most convenient option for most people, as you do not have to attend an auction house and can complete the entire process online. It’s far less stressful and helps you to avoid some of the complexities that come with in-person sales.

How do I sell at a property auction?

If you are thinking about selling a property in Sunderland by auction, use the steps below to get an idea of what to expect.

Auction Property Valuation

You will need to know the value of the property you are looking to sell by auction. You can book a property valuation with our auction specialist to get you started.

Proceeding with the auction

We’ll give a guide price based on its condition and the local market, which will estimate how much the property could sell for, although the final figure could be higher than this amount. Selling via the modern method of auction in Sunderland, you will set a reserve price, which is the minimum price you’ll expect to sell the property for.

Our Auction team will prepare a buyer’s information and legal pack via our dedicated auction solicitors. These legal packs include items such as relevant searches, title details and sellers’ questionnaires so this information will always be available for auction buyers to look at on our website.

Some pre-auction offers may be received before the auction day, which can be helpful if you wish to sell quickly and some instances, auction bidders may submit a higher ‘buy now’ price. However, it is recommended to wait for the auction day as there will more than likely by other bidders willing to offer even more.

What happens during the auction

The property will be made available for buyers to bid on for a fixed period. They will see the latest bid, how many bidders are involved, and a countdown for when the bidding window closes.

Most people will bid online, although some will do so via the phone or at one of our branches. If the property is involved in one of our public events, bids can also be made in person.

If you successfully sell the property at a price you are happy with, contracts are exchanged and a reservation fee or deposit needs to be paid by the buyer. Once a contract has been signed, the buyer then has 45 to 56 days to finalise the transaction in full.  

Sell your Sunderland property at auction with Peter Heron

Peter Heron specialises in online property auctions in Sunderland and the surrounding areas. We know how difficult it can be juggling professional and personal commitments while trying to sell your property and our online auction takes away the stress and hassle. To find out more about how the service works and for more information about our next auction, visit the Peter Heron Auctions to find out more.