Property Auctions: Frequently Asked Questions
Property auctions are a fast, transparent and effective way to sell properties of all kinds. The speed and certainty of the auction process make it an attractive route to market for sellers who need to move quickly, unlock funds, or sell a property that might otherwise struggle on the open market.
Edward Mellor Property Auctions have played a leading role in popularising the auction method of selling for over 30 years, beginning with in-house auction services and later evolving into an innovative online auctioneer.
Today, our friendly and experienced team helps sellers understand whether auction is the right route for their property, how the process works, and what to expect from valuation through to completion.
As property auctions have become increasingly popular, more and more people are turning to this method of buying property to secure their next home.
Along with landlords and commercial clients, first-time buyers and upsizers are increasingly joining the competition for lots, resulting in a brisk market where homes can secure good prices from the right bidder.
What Kind of Property Sells at Auction?
We take pride in our ability to sell any property in any condition, but that doesn’t mean that every property that comes to market is distressed or in need of renovation.
Every seller has their own motivation for selling, meaning that auction lots on offer regularly range from ‘fixer-uppers’ to ready-to-move-into family homes. There’s genuinely something for every type of buyer!
Properties commonly sold at auction include:
- Residential houses
- Flats
- Buy-to-let investments
- Tenanted properties
- Vacant homes
- Probate properties
- Commercial premises
- Mixed-use buildings
- Parcels of land
- Development opportunities
- Refurbishment projects
- Properties that may be difficult to mortgage
- And more!
Homes sold at Probate often perform well at auction because the process offers a clear timetable, a transparent sale method and the reassurance of a reserve price. This can be especially helpful for executors or administrators who want to settle an estate efficiently while reducing the risk of a sale dragging on or falling through.
Tenanted properties can also sell well at auction because they appeal to landlords and investors looking for immediate rental income. Rather than being seen as a barrier, a tenant in situ can be a selling point for the right buyer, particularly when the tenancy details, rental income and legal documents are clearly presented before the auction.
Where Does Edward Mellor Property Auction Cover?
Edward Mellor Property Auctions sells residential and commercial properties across the North West and beyond. As one of the region’s largest and most successful auction houses, Edward Mellor works with sellers, landlords, investors, executors, developers and buyers across a wide range of property types.
Our auction team is based in Stockport and has extensive experience across Greater Manchester, Cheshire, Lancashire, Merseyside, Derbyshire and surrounding areas. Because auctions are held online, buyers can take part from anywhere, helping properties reach a wider audience of serious bidders.
This online approach means sellers are not limited to local footfall alone. Instead, properties can be marketed to active auction buyers, investors and cash purchasers who are specifically looking for opportunities.
What is the Difference Between Auction and Selling on the Open Market?
Selling on the open market usually involves listing a property with an estate agent, negotiating with buyers, accepting an offer and then moving through the conveyancing process. While this route can work well for many sellers, it can sometimes involve delays, renegotiations or sales falling through before exchange.
Auction works differently because it is built around a fixed sale date, clear terms and competitive bidding. Once the hammer falls, contracts are exchanged and the buyer is legally committed to the purchase. Completion then usually takes place within a set timeframe, often around 28 days, unless the legal conditions state otherwise.
This can make auctions attractive for sellers who want a more secure process. It can also be useful for properties where buyers benefit from having legal information available upfront, helping them make a more informed decision before bidding.
The open market may be suitable for sellers who are happy with a more flexible timescale, while auction may be better suited to those who want speed, transparency and a legally binding sale once bidding is complete.
What is a Guide Price?
A guide price is an indication of the seller’s minimum expectation at the time the property is marketed. It is designed to help generate interest and give buyers an idea of the level at which bidding may begin.
However, the guide price is not necessarily the price the property will sell at. Final sale prices can be higher or lower depending on buyer demand, property condition, location, the legal pack, market interest and bidding competition.
Guide prices can also change before the auction, so buyers should always check the latest information before placing a bid.
What is a Reserve Price?
A reserve price is the minimum price the seller is prepared to accept for the property. Unlike the guide price, the reserve price is confidential and is agreed between the seller and the auctioneer.
If bidding does not reach the reserve price, the property will not be sold during the auction. However, this does not always mean the sale opportunity has ended. Auctioneers may continue discussions with interested bidders after the auction, and a sale may still be agreed through post-auction negotiation.
For sellers, setting a reserve price provides reassurance because the property cannot be sold below the agreed minimum figure.
What is a Legal Pack?
A legal pack is a collection of important legal documents relating to an auction property. It is prepared before the auction so that prospective buyers and their solicitors can review the information before bidding.
A legal pack may include title documents, special conditions of sale, searches, leases or tenancy agreements, planning information, property forms and other documents relevant to the property.
Buyers are strongly advised to read the legal pack carefully and take independent legal advice before bidding. This is important because a successful bid at auction usually creates a legally binding contract.
For sellers, having the legal pack prepared in advance helps reduce delays and gives buyers greater confidence before auction day.
Should I Sell My Property at Auction?
Selling at auction may be a good option if you want a faster, more certain sale or if your property is likely to appeal to investors, developers or cash buyers.
Auction can be particularly suitable if your property needs refurbishment, has been inherited, is tenanted, is vacant, has struggled to sell privately, has an onward purchase depending on it, or has issues that make it more difficult for a traditional buyer to proceed.
Probate and tenanted properties are both strong examples of property types that can benefit from the auction process. Probate sellers often value the clear structure and defined timescale, while landlords selling tenanted properties can reach investment buyers who understand the value of rental income from day one.
It can also be useful if you want a transparent sale process with a clear auction date and a reserve price for peace of mind.
However, auction may not be the right route for every seller. The best approach depends on your property, your timescale, your required sale price and your personal circumstances. An auction appraisal can help you understand likely buyer demand, appropriate pricing and whether auction is suitable.
To find out more about selling at auction, learn the value of your property and find out if selling at auction is right for you, book a property appraisal today.
Our friendly, professional team will assess the true value of your property, and provide you with a clear marketing strategy to ensure that you achieve a sale at the price you need.
How Will my Property be Marketed?
Effective marketing is a key part of a successful auction sale. At Edward Mellor Property Auctions, properties benefit from exposure across online auction listings, major property portals, the Edward Mellor website, buyer databases, social media and targeted auction marketing.
Because auction attracts buyers who are actively searching for opportunities, marketing is focused on creating interest ahead of the auction date and encouraging competitive bidding.
To ensure that your property receives the attention it deserves, we’ll also directly market your property to the most suitable prospects by leveraging our extensive database of invested auction buyers.
The team can also advise on pricing strategy, property presentation, viewings, legal pack preparation and buyer enquiries. This helps ensure prospective bidders have the information they need before auction day.
Edward Mellor combines the reach of an established estate agency with the specialist knowledge of an experienced auction team, helping sellers reach a wide audience while benefiting from practical guidance throughout the process.
Contact Edward Mellor Property Auctions
If you are thinking about selling your property at auction, Edward Mellor Property Auctions can help you understand your options and decide whether auction is the right route for you.
Our experienced auction team can advise on property suitability, guide prices, reserve prices, marketing, legal pack preparation and the full auction process from start to finish.
Contact Edward Mellor Property Auctions today to book your auction appraisal and find out how your property could perform under the virtual gavel.
Related Pages
Buying a House at Auction | Selling a House at Auction | How do Property Auctions Work? | Common Auction Questions | Selling at Auction | Auctions | Edward Mellor