Could you sell your property before the end of the year?

With the end of the year approaching, you may be wondering whether there is still enough time to sell your property.

Although no property sale can be guaranteed to complete by a particular date, Your Move’s auction service offers fixed, realistic timescales and increased buyer commitment. This could make it an option worth exploring if you hope to sell before the new year.

Is there still time to sell this year?

Potentially, but acting quickly is important.

Your Move offers two auction routes. With the Modern Method of Auction, the buyer and seller are required to unconditionally exchange contracts and complete the transaction within 56 days after the auction ends.

With the Traditional Method of Auction, contracts are exchanged immediately and completion takes place within the following 28 days. This legally binding method is generally more suited to cash ready property professionals.

Time is also needed to prepare the Auction Pack and market your property before the auction goes live. Therefore, the sooner you arrange a valuation, the more opportunity there may be to achieve your preferred timescale.

What is the Modern Method of Auction?

The Modern Method of Auction is an online property auction system designed to help sellers achieve a quick and secure sale.

Before your property is marketed, you will agree two figures with Your Move:

• An undisclosed reserve price, the minimum price at which your property can sell.

• A starting bid the price used to market the property and generate interest.

The reserve price remains confidential, so you retain control over the minimum amount you are prepared to accept.

Once the Auction Pack is complete, an end date and time are set and the property goes live. Prospective buyers must download the Auction Pack and accept its terms before bidding.

Bids can be made online, by telephone or in person at a live auction event.

Why consider selling through Your Move’s auction service?

 

Clearer timescales

Your Move’s auction process provides fixed but realistic timeframes, with exchange and completion taking place within 28 to 56 days depending on the auction method selected.

This can provide greater clarity if you are working towards the end of the year or another important deadline.

Greater buyer commitment

When a property sells through the Modern Method of Auction, the successful buyer must pay a Buyer’s Reservation Fee and sign a Reservation Agreement.

The property is then reserved for that buyer, providing the seller with additional security while the transaction progresses towards exchange and completion.

Control over your minimum price

You do not simply have to accept the highest bid received.

Your property will have a confidential reserve price agreed with you before the auction. Once that price has been met and the auction has closed, the sale will proceed and a Reservation Fee or Deposit will be taken.

The potential for competitive bidding

Auction marketing can give your property greater exposure and generate interest from several prospective buyers.

If multiple buyers compete for the property, the bidding process may help increase the final selling price. The result will depend on market conditions, buyer demand and the pricing strategy agreed with Your Move.

0% estate agency commission

When selling through the Modern Method of Auction, vendors can pay 0% estate agency commission and keep the full selling price.

If you choose the no-sales-fee option, the successful buyer’s Reservation Fee is paid in addition to the purchase price and is used to cover the costs of the process.

The seller is responsible for the cost of preparing the Auction Pack, but this is only payable if the property sells. Your Move will explain the relevant costs and contract terms before you proceed.

What happens when you sell by auction?

The process begins with a free property valuation. Your Move will discuss your objectives and advise whether the Modern Method of Auction, Traditional Method of Auction or a standard sale may be most appropriate.

If you decide to sell by auction, the process includes:

1. Agreeing your confidential reserve price and starting bid.

2. Preparing the property details and photographs and arranging an EPC if required.

3. Preparing an Auction Pack containing the legal documentation.

4. Marketing the property while the Auction Pack is being prepared.

5. Setting an end date and time once the pack is complete.

6. Allowing prospective buyers to bid online, by telephone or at a live auction.

7. Reserving the property for the successful buyer.

8. Progressing the transaction through to completion.

You can log in during the auction to see how many watchers and bids your property is receiving. Your Move’s Sales Progression team will then help take the successful sale through to completion and keep you updated along the way.

You can also consider an offer made before the auction begins or before it is due to finish. It will be your decision whether to accept the offer and withdraw the property from the auction early.

Could auction help you sell before the new year?

If selling your property is one of the goals you want to achieve before the year ends, now is a good time to explore your options.

Completion before the new year cannot be guaranteed, as preparing the Auction Pack, marketing the property and completing the legal process all take time. However, the security and defined timescales offered by auction could provide a suitable route for motivated sellers.

Book a free property valuation with Your Move to discuss your plans, understand what your property could be worth and find out whether auction is the right option for you.

Book your free valuation today

Auction suitability, fees and completion dates depend on the property, selected auction method and individual contract terms. Completion by a particular date cannot be guaranteed.