Selling at auction
Pearson Ferrier Online Auctions is a new, innovative platform for selling property.
It provides all the benefits synonymous with traditional auctions, including: speed and certainty of sale, transparency and zero risk of gazumping or double-selling, but with the added advantage of being able to bid pressure-free from the comfort of your own home or office via desktop, tablet or mobile phone.
Frequently asked questions
A guide price is the marketing figure for the lot. The guide price can be listed as a single price, or a price range. The guide price can change at any point, but the latest guide price will be displayed on the auction page.
The reserve price is a figure agreed between the auction house and the seller, below which the lot will not sell. The reserve price cannot sit more than 10% above a single guide price, for example the highest the reserve could be on a property with a £90,000 guide price would be £99,000. Where the price is a sliding guide, the reserve cannot be above the higher point on the guide price, for example with a guide price of £90,000 - £100,000 the reserve cannot be above £100,000.
A legal pack are the documents produced by the seller’s solicitors to enable legal exchange to take place at the auction. Legal packs are available to download via the bidding window on our website. We advise for all buyers to read the legal packs before bidding and where possible get their solicitor to check them over.
Pearson Ferrier run an unconditional auction where legal contracts are exchanged on the fall of the virtual hammer. Completion is then set to take place within 20 working days of the auction unless otherwise stated in the legal pack. It is essential that buyers have funds in place to complete in time.
Once we have a legal pack in place then we are in position to sell the property under auction conditions. Properties can sell before the auction if the seller accepts an offer. If properties fail to sell at auction then they can be bought pre auction under the same auction conditions.
Any types of property or land can be suitable for sale at auction. Properties can be commercial or residential, vacant or tenanted and needing work or in good condition. Land can be sold with or without planning. Please contact a member of the team on 0161 764 4440 to discuss placing your property or land in to auction.
We take all our entries on a No Sale No Fee basis. The cost to sell varies on the price of sale, for full details please contact the team on 0161 764 4440.
No, a reserve price is agreed between yourself and our valuer below which your property or land cannot sell. Bids will need to reach this amount to enable the lot to sell, however can go to any level above.
At auction the property or land legally exchanges contracts and completion will normally take place within 20 working days. We can look at exchanging contracts before the auction under the same conditions, providing we have the legal pack from your solicitor.
You will need a solicitor to sell at auction. They will prepare the legal pack and facilitate completion after exchange of contracts. If you do not have a solicitor please contact the team on 0161 764 4440 and we will be happy to assist.
Selling at auction will help you achieve:
- A great price. With bidders competing with each other to drive the price up it will ensure we get you the best price.
- Speed of sale. Exchange is immediate and completion will take place within 20 working days.
- Certainty. Exchange of contracts takes place at the auction meaning the buyer is legally committed to purchase the lot.
Guide prices are provided as an indication of the seller’s minimum expectation. They are not necessarily a figure which a property will sell for and can change at any time. Each lot will be offered subject to a reserve price (a price below which the lot cannot sell). The reserve figure will be no higher than the price guide range, or if it is a single guide price figure no more than 10% above.