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Selling Your Property Doesn’t Have To Be Hard

We combine the best bits of an estate agency with the power of a national online auction to help you secure a fast, straightforward sale – and once your property has sold, you’ll receive your money from the sale in just 28 days. Whatever type of property you need to sell, wherever it is in the UK – our team is here to guide you through the entire process, from appraisal to completion.

Today, 1 in 3 estate agency sales fall through. With auctions, the chances of this happening are slim to none.

100% Stress-free sale. A fully managed process – a dedicated 1:1 property sale manager will take care of everything for you.

 

Why sell at Auctions:

  • Genuine cash buyers
  • Sale within a timescale that suits you
  • Fully transparent, use your own solicitor or use ours
  • Exchange contracts within 28 days
  • The Most Secure Deal
  • Fast, Fixed Timelines
  • Once the auction bidding is done and the virtual hammer falls, buyers must:

pay a non-refundable reservation fee;

exchange contracts straight away;

or both of the above.

All completed in a timescale to suit you. We take the stress out of selling your property.

Sell to the highest bidder  ◦  Sales don’t fall through  ◦  Suitable for any property

Reasons to choose auction include the speed and certainty that it offers; there is no faster way to sell and success rates through to completion are far higher than through estate agents. Other attractions are that it delivers a legally binding sale with contracts exchanged on the fall of the hammer, so neither party can pull out of the sale or try to renegotiate the price. The competitive bidding process aims to drive the price up so the property achieves its best possible price on the day too.

We often receive offers from interested buyers prior to the auction, meaning you may sell your property quicker than you thought!

Using an auction is an established way to secure a quicker sale relative to using an estate agent.

It can be a good option if your property needs a lot of repairs, it’s unusual or difficult to sell on the open market.

The good thing is that, once the traditional auction bidding is done and the hammer falls, buyers usually have to pay a deposit straight away.

The buyer must then complete the sale (usually after 28 days).  This is a legally binding contract.

If the buyer doesn’t proceed, he/she will lose the deposit and have to pay fees alongside other penalties.  The chances of a sale falling through are therefore very slim.

Today it’s not an estate agent you need.

Auctioning a property can seem like a daunting prospect, especially if it’s your first time.

However, in an attempt to attract a broader range of property sellers, the sector has moved on from stuffy auction rooms and intimidating sales tactics.  As a result, the process has become more transparent and easier to navigate.

We can turn this around for you immediately if so required and provide you with a ‘desktop’ property valuation for auction alongside a detailed explanation of our findings.

The Auction Reserve Price is the minimum figure that you would be willing to sell at. The bidding must reach this figure in order for the property to be reserved (and sold). This figure will be agreed before the auction between us and will be kept confidential. If the bidding does not exceed the reserve the property will be left unsold and you have the option to run it through the next auction for free!

Below is a step-by-step that details how our property auction process works from start to finish.

Initial Phone Discussion
We’ll start by having a discussion about your current property sales situation. The aim here is to find out whether selling at auction is genuinely the best way forward based on your circumstances. For instance, we sometimes see that our fast house sale or quick estate agency options may work as better alternatives. Please feel free to ask any questions you may have with regards to our auction process. We’ll never put the pressure on and appreciate that you may just be making enquiries.
Property Factfind and Valuation
Our sales executive will ask some headline questions regarding your property’s condition and other specifics. The more information you can provide here the better. We’ll then be able to undertake detailed house valuation research and come back to you with recommended guide and reserve prices for auction.
Decide on Conditional or Unconditional Auction
Our recommended prices for auction often depend on how urgently you're looking to sell. Some clients simply want to sell quickly or are looking for cash buyers only. In these circumstances, the 28-day (unconditional) auction is the better option. Others are happy to wait longer and open their property to retail buyers (i.e. those that will typically buy with a mortgage). Here, our 56-day sale would be the better option as we can still take a non-refundable deposit to secure the sale when the virtual hammer falls (and exchange of contracts happens after 28 days).
Suggested Guide and Reserve Prices
The guide and reserve prices are usually based on whether you choose our unconditional (56-day) or conditional (28-day) option. Typically, as there is more time with the unconditional sale, we would normally suggest a guide price of 90% of the market value with a reserve of 85%. However, it’s not uncommon to see properties sell for 100% of their market value. With our 28-day auction sales, we usually recommend a guide price of 85% and a reserve of 80% of the valuation.
Agent Viewing
We can visit the property 7 days a week at a time convenient for you. Sometimes, especially if the legal pack is already prepared, it makes sense for us to take photos and produce a floorplan at the same time. We can also organise the Energy Performance Certificate (EPC) if necessary. This means we can get your property listed on all the portals quickly.
RICS Survey
You are under no obligation to book a Royal Institute of Chartered Surveyors (RICS) valuation. It can, however, sometimes encourage more potential bidders as more feel comfortable with proceeding if things are being kept transparent.
Sales Agreement
Once you are happy with everything, we will send you our auction sales agreement via email. This needs to be 'e-signed' by all owners for us to be able to move forward with the marketing of your property.
Terms & Conditions / Legal and Operations Guides
We will also send you a copy of the terms and conditions (these are in line with 4th Edition of the ‘Common Auction Conditions’ reproduced with the consent of the Royal Institute of Chartered Surveyors). You’ll also receive copies of our legal and operations guides which run through all the necessary procedures that will be followed when selling at auction. We are, of course, completely available to answer any of your questions.
Legal Pack
We rarely suggest moving forward with an auction sale without a legal pack in place. Extra information will also be required if you're selling a tenanted, pre-repossession, inherited/probate or commercial property / land. Omitting this key information often means that buyers will feel less confident about the purchase and bid lower (or not at all). Silk Letting Ltd have conveyancing partners we can put you in touch with who offer competitive 'pay now' and 'pay later' options.
Photography, Floorplan and EPC
If this process was not undertaken during our initial viewing, we’ll get these organised with one of our professional partners in your area. Please note there are no extra charges here (even for the Energy Performance Certificate if you do not have an up-to-date version). We would also suggest preparing the property as best you can .
Advertising for Auction
We take pride in providing high-quality listings and your property will be published on all the major portals to draw in the maximum amount of attention. Rest assured, this is what we do best! We typically recommend marketing the property for 21 days before starting the bidding process. However, we are happy to adjust this as circumstances dictate.
Viewings and Open Days
Our viewing experts are available 7 days a week to host viewings. In many cases, we run open days where we invite multiple buyers to view the property. This often serves to create a competitive environment when it comes to the bidding process. Provided that you are comfortable with handing the keys over to us until completion, we are happy to take full control of this process to keep things completely hassle-free for you. We will also make ourselves fully available to answer any questions relating to the property and can run second viewings when appropriate to do so.
Bidder Registration
By law, we are required to formally register potential buyers before allowing them to bid on our portal. This requires us to undertake full identification and Anti-Money Laundering checks to ensure that there is nothing untoward. Undertaking this process saves a lot of administrative hassle once the auction process concludes.
Let the Bidders Bid!
Prior to the bidding process we will send all qualified buyers our operations guide (different to the one sellers receive) and an explanatory video which explains the entire process to avoid any confusion. They’ll also receive regular reminder emails. We typically allow a 48-hour bidding period and, in addition to continually monitoring progress, will make ourselves completely available to answer any questions from buyers (and yourself of course). You will also be able to see bidding activity directly on the portal. We will also advise you of any proxy bids – i.e. where buyers enter a maximum bid and we bid up to that amount on their behalf (similar to eBay). We usually allow qualified bidders a 48-hour period to submit. There is no limit to the amount buyers can bid up to, we will be sending the alerts when their bids have been beaten. This also means that the sale cannot be gazundered (i.e. see a drop).
SOLD!
At the end of the bidding period, the virtual hammer (“gavel”) will fall and the sale price is confirmed. You will be able to see the final price on the portal itself, but we will be getting in touch to confirm things as well. We will also be communicating with the winning buyer to confirm the next steps, completing the Memorandum of Sale and moving things forward.
No Refund Reservation Fee
With both our 28-day and 56-day auctions, the buyer will be required to pay a non-refundable reservation fee to secure the property. We usually take a charge on all bidder’s debit/credit card and the money will be withdrawn from the winning bidder automatically. This avoids any confusion at the close of the auction.
Exchange of Contracts
One of the beauties of selling at auction is that, once the hammer has fallen, the chances of things falling through are slim to none. With our 28-day (unconditional) auction, the terms and conditions state that exchange of contracts happens at the fall of the virtual hammer. This means that the buyer (unless otherwise agreed) must pay a deposit of 10% and complete on the sale within 28 days. Failure to do so could mean the loss of the reservation fee, deposit paid alongside other financial penalties and abortive costs. Note that with the 56-day auction, buyers have 28-days to exchange contracts. Similar to the 28-day auctions, buyers will need to pay a non-refundable deposit and face heavy penalties if they were to withdraw from the sale.
Conveyancing
Although much of the legal work is already completed pre-auction, there will be some final processes to undertake. You will also be sent legal documents to sign to finalise the sale.
Completion and Post-Sales Assistance
Once the sale is complete, the local agent be completely at hand to organise key handovers and assist with any other issues that may emerge.
No Stress. No Hassle. No Fees.

Sell in 7-28 Days

We have a simple process

Fill in the online form, and one of our trained specialists will call you to discuss your property in detail. Agree on a price then sit back and relax.

    The Bidding Process

    Starting Bids

    This is the advertised price for the property and the opening figure for bids.

    Reserve Price

    This is the minimum price that the vendor is willing to sell the lot for in the auction. The reserve price is never published or listed, this is a private figure between the vendor and the auctioneer. Both the reserve price and starting bid can be subject to change.

    FREEPHONE 0333 335 0218

    Sell your property quickly to genuine cash buyers. The team at Silk Letting Ltd has many years of experience in valuing properties of all shapes and sizes. List your property on our market-leading auction platform in just a few days. In addition to Residential Auctions, we can sell single-let properties and Houses in Multiple Occupation (HMO) with tenants in situ, industrial units, garages/garage blocks, storage facilities, ground rents, forecourts, retail shops, Lodges, florists, car parks/parking areas, mixed-use, and other types of vacant/occupied commercial premises. We’ll take on both freehold and leasehold properties (regardless of the remaining lease length), Derelict / abandoned buildings, farm outbuildings, barns, and buildings with the change of planning use potential across the country all very much of interest to our auction database.

    We will advertise your property on our website, on all major portals, and in the local and regional press. We have a national network of partner agents marketing properties across the country.

    Frequently asked questions

    Can’t find what you are looking for? Feel free to get in touch with our team to discuss any questions you may have.

    Is my property suitable for auction?

    Any type, style, design, or price of property whether residential or commercial is suitable for auction.

    Can I accept offers outside the auction?

    Bids can be placed on your property before, during or after an auction event. You can accept an offer at any time and we will ensure that the buyer agrees to the auction terms of security and speed. The auction team will discuss the bids with you, if there is a lot of interest in your property we would normally recommend waiting until the auction date but it is your decision whether to accept an offer before the auction.

    How can l ensure l get the price l want?

    You have a safety net of a reserve price, your property will not sell below this.

    How quickly do l need to move?

    The quickest way to sell your property is with Unconditional auction terms where there is an immediate exchange of contracts and the sale will be complete within 28 days. Alternatively, you can sell within 56 days through the conditional auction terms.

    How often do we hold an auction?

    We have live monthly auctions covering the whole of the U.K and online auctions ending daily.