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Auction

The usual method of buying and selling a home by way of as private treaty has long been the most popular and frequently used way to sell your home. At Fraser Stretton Property Auctions we believe there is another way that we can help you sell your home in an efficient, cost effective and timely manner.

Our auction platform enables sellers to benefit from the speed and efficiency of our service and also gives them the added bonus of not having to pay a selling fee on completion of the transaction.*

There is no compromise with our marketing and the versatility of this platform has enabled us to support home sellers with their varying needs. Many families and trusts have benefited from very quick completions, in some circumstances 30 days from the property being sold on a our auction platform. This is a service which is aimed at helping our sellers to achieve completed transactions quickly!

Fraser Stretton Auctions enable buyers and sellers to reserve properties online – with a commitment to exchange within 20 working days.

Sellers can set a reserve and choose the length of the timed reservation period.
Buyers are pre-authorised to bid (all identity checks are carried out online) and are required to pay a reservation fee immediately online to stay incentivised to exchange.

This fee is an additional charge above and beyond the final purchase price.

“80% OF BUYERS start their property search online Now they can buy online too”

A reservation occurs when the reserve is met and the timer reaches zero. This gives the seller and buyer 20 working days to exchange. There’s no obligation to sell unless your reserve is met, so you are certain to receive a minimum amount for your home.

Benefits of conditional auctions

Pros
  • Fast –  20 working days to exchange
  • Certain –  Committed buyers who have done ID checks and pay a reservation fee
  • Transparent –  Bidding activity can all be seen on the property page Reserve price

The reservation and exchange process
Immediately at the end of the time period Reservation contract Exchange within 20 working days of the end of the timed period

The buyer is automatically charged a reservation fee of reservation fee of 2% of the purchase price (subject to a minimum of £3,000 incl. VAT). This fee does not go towards the purchase price, and is payment of our costs and fees incurred in running the sale process. We will sign the reservation agreement on your behalf to evidence that a reservation has taken place.

FAQs

1. How much will it cost to list?

Outside of our terms and agreed costs, no additional fee is payable by you to Bamboo Auctions. You may have to pay for a legal pack in advance, and we can assist you with this.

2. Aren’t auctions for distressed properties?

If your property is chain free, then it is perfect to sell online through this method. More and more properties are being listed and sold in this way in the UK. It’s a great way to attract all types of buyers and exchange occurs faster. You could also get a higher price than you expected!

3. How does a buyer bid?

All buyers are identity verified in advance. Bidders must enter their payment details before a bid is placed and the winning bidder is charged a reservation fee.

4. If I get an offer outside of this sale process, can I accept it and withdraw the property?

Yes, so long as you do so before the reserve is met and the timer hits zero. You may have to pay a withdrawal fee and you should consider the terms of our Online Auction Listing Agreement

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