Property Auctions 

Top myths and truths

Auctions are often misunderstood as either a place to grab items for pennies or a high-risk arena for desperate sellers. 

In reality, modern auctions are transparent, fast-paced, and widely used for prime assets. 

Here are the top myths and truths regarding auctions as of 2026.

    The property myth

    • Myth: Only repossessed, broken, or "distressed" properties are sold at auction.
    • Truth: Auctions include a wide range of properties, including luxury homes, prime land, and well-maintained commercial properties. Many sellers choose auctions for speed, transparency, and a definite sale, not just because they are desperate.

    The pricing myth

    • Myth: You will always get a bargain, or conversely, the price is guaranteed to be too low.
    • Truth: Competitive bidding often drives the price up to the true market value or higher, especially if multiple buyers are interested.
    • Truth: Sellers are protected by a reserve price, which is the minimum amount they are willing to accept. 

     

    The buyer myth

    • Myth: You must be a professional investor or cash buyer to participate.
    • Truth: Auctions are open to everyone, including first-time buyers.
    • Truth: While cash is quick, many buyers now use specialised auction finance or bridging loans, not just cash on hand. 

    The risk and due diligence myth

    • Myth: You have to buy "blind" without seeing the property.
    • Truth: Properties are available for viewing before the auction. Sellers and buyers are encouraged to arrange inspections beforehand.
    • Truth: The auction process is often more transparent than private sales, with legal packs available for review before bidding.

    The completion myth

    • Myth: You must complete the purchase in 28 days.
    • Truth: While a 4-week completion (after a 10% deposit) is common for traditional auctions, some auctions offer longer, more flexible completion times to suit financing, such as the Modern Method of Auction.

    Why auction?

    For some sellers, their initial reaction to auction is "that's only for desperate people" or "I'm not giving my house away" or "that's only for run-down properties."

    The truth is, that auctions offer a secure method of selling a property, providing a platform for exposure whilst you fully retain control of the process.

    All properties are sold subject to a reserve price. Your property will NOT sell for less than your agreed amount meaning that you are in control of the price that you accept.

    We have partnered up with an agent with over 25 years of auction experience and an expansive partner agent network and we can ensure maximum exposure on a national scale for your property.

    Selling your property at auction offers a host of benefits that are not available to you when selling using traditional methods.

    To confirm, a reserve price is agreed on your property, this is the lowest figure you would accept for the sale and we cannot sell the property for anything less than this amount. A starting bid is set, your property will be entered into the next auction and will be advertised in the catalogue and entered into the "online auction" with a fixed end date.

    Buyers can view the property before the auction and we encourage them to do so, as when then bid, they are legally committed to purchasing your property. You will be kept updated with feedback from viewings and offers prior to the auction.

    If you are selling unconditionally, your solicitor will product a "legal pack" with all the information a buyer will need to exchange contracts. The property will be placed into an online auction and will sell to the highest bidder above the reserve price agreed with you. We will take the reservation fee and deposit from the buyer at time of sale and pass their details and paperwork to your solicitors to complete the transaction.

    Security

    You will have the comfort of a non-refundable reservation fee/deposit from the purchaser. You also have the security of your reserve price which ensures it will not sell below this agreed amount.

    Speed

    With an auction, you can decide whether you would like the sale to complete within 28 or 56 days. The buyer and their solicitor must then work within these timescales or the buyer could lose their deposit.

    Maximum price

    Your property will be advertised with a starting bid which is appealing and typically less than the asking price agreed with you. A more attractive starting price leads to more viewings and interest; which equates to more offers and ensures you achieve the best current market price.

    Your property will be advertised in the auction catalogue, which is sent to an extensive mailing list. It will also be advertised by partner agents both locally and nationally as well as on the auction website.

    Sell for FREE

    You also have the option to sell through unconditional or conditional routes without any auction or estate agency fees. An additional reservation fee is collected from the buyer allowing us to give you the full auction advertising and marketing without ANY COST TO YOU.

    The benefits of selling at auction is you get the best price in today's market with no hassle or hold ups.

    The reasons to sell at auction are as follows:

    You would set the Reserve Price, this is the minimum you are happy to sell for and will give you comfort that we cannot sell for less.

    We will set the Starting Bid, this is typically below the Reserve Price but don't forget we cannot sell at this price and will only accept a bid at the Reserve Price or higher.

    As we are online auctions, we can get your property up and running at your earliest convenience and along with Fairweather's marketing, you will also benefit from our extensive database marketing to maximise your sale price.

    We can also offer a "No Sale - No Fee" legal pack.

    Fees to pay

    You do not have to pay any Estate Agent or Auction Fees.

    For example, if we do a 28 day auction and the reserve price is met or exceeded, we will exchange contracts with the buyer and take a 5% deposit, this gives you security that the sale is likely to proceed and is legally binding. Completion is then set to take place within 28 days unless you request or accept an extension.

    If you need more information, then please contact us using this link