• Register an account with AuctionYourProperty.com.
• Upload full property details which will include up to 4 photos, the auction reserve price (not displayed publicly - just for AuctionYourProperty.com), the start price (publicly displayed), date of auction, your contact details that you wish to be displayed. (If you do not have a scanner we can do this for you).
• Details are then submitted to AuctionYourProperty.com. We then check that the content is suitable for publication and subsequently display your property details on the website.
• The seller should also email AuctionYourProperty.com a set of scanned legal documents for us to distribute to potential buyers. This is not essential, but will save your solicitor having to do it time and again and will therefore keep your legal costs down.
• Potential buyers then make contact directly with the seller and the seller carries out all viewings until the auction.
• Auction takes place and the bidding commences.
• Hopefully the bidding will exceed the reserve price and the property will be sold to the highest bidder at the auction's close. If the reserve price is not reached, there are still a few options available to the seller.
• From the moment that the auction finishes and as long as the reserve price has at least been reached, a legally binding agreement between the seller and the winning bidder is formed.
• The seller then receives an email from AuctionYourProperty.com confirming the official sale price. This email will also include all the buyer's details as well as a template confirmation email that the seller will need to fill in and immediately email to the buyer to confirm the legally binding agreement that they now have between one another and to give both parties further peace of mind.
• The buyer is now legally bound to forward to the seller's solicitor a 1% non-refundable holding deposit (subject to a minimum of £500). This holding deposit will be held by the seller's solicitor until the official exchange of contracts for the property takes place.
• If the buyer does not transfer the holding deposit in the form of cleared funds to the seller's solicitors within one week of the auction's close, then the seller will be entitled to sue the purchaser for this money and will also be free to sell the property elsewhere.
• The seller is legally bound to sell to the winning bidder at the final bid price. From the moment that the auction ends, the seller is obliged under the legally binding agreement that is formed to assist the buyer and make all reasonable efforts to facilitate the transfer of the deposit and the sale of the property. Should the seller fail to do so, they are in breach of the agreement.
• As soon a successful auction ends, the 6 week (or such other period as clearly specified by the seller in the additional notes on the property details) exclusivity period commences.
• During the exclusivity period, the seller must give all reasonable assistance to the buyer. They must assist the buyer in terms of giving reasonable access to the property and making available any required information. Should the seller refuse to co-operate in the sale of the property, the buyer has every right to sue the seller for breach of contract.
• Once the auction is over, and the respective email confirmations have been sent to each party, AuctionYourProperty.com then steps out of the deal at this point and the transaction continues between the two parties privately in accordance with the terms of the sale.

Reserve Price
This is the minimum amount that the seller is prepared to sell their property for. Only once a registered buyer has bid the reserve price or above can the property be sold.
Reserve Prices must be carefully thought through. Once submitted and then checked by us, they can be altered at any time, even during the auction, but only in a downward motion - ie. they can only be reduced. This is to prevent sellers setting very low reserve prices and starting prices at the beginning only to then raise them just before the auction starts. It is therefore important that reserve prices are realistic and at a price at which the seller is happy to sell at.
Just to reiterate, once the bidding equals or betters the reserve price, the seller is legally obliged to sell to the highest bidder at the price stated when the auction finishes. Any seller failing to honour this obligation is likely to face legal prosecution from the winning bidder.

If, at the end of the auction, the reserve price has not been reached the following options will be available to the seller:

• The seller will, of course, be free to contact any of the bidders who are known to him/her in order to negotiate a successful sale privately. Of course, all the bidders will be aware that the property did not reach it's reserve and therefore sellers can expect to hear from those bidders directly.
• The seller can simply resubmit the property for auction at no charge to themselves and try again, possibly reducing the reserve price and trying to attract new bidders that might have missed the first auction.
• The seller can submit the property into the sales listing-only category for free.

Starting Price
Starting prices act as a guide for potential bidders. It gives buyers a general idea as to the expected sale price. The starting price is displayed in the sales particulars. It must be below the reserve price and ideally within 15% of the reserve - ie a sensible starting price for a £400,000 property would be £350,000.
AuctionYourProperty.com reserves the right to amend the start price (but not the reserve price) if we believe that it will aid the sale of the property.