Now it gets exciting!

The marketing has hit its targets and now buyers want to proceed with an offer...

Auction

How an offer is made, along with the particular terms and conditions on which a sale depends, will be determined to some extent by the method of sale you have chosen. In every case, your Barfoot & Thompson salesperson will be there at every step to guide and assist you - and liaise between you and the buyer.

When selling by auction you will have set terms and conditions of the sale together with our auction department and your solicitor.

This is recorded in an agreement that will be sent to interested parties during the marketing campaign so they are fully informed before auction day.

During the weeks leading up to the auction, a buyer might ask for a variation on your terms and conditions. For example, a party may ask you to agree to a different possession date, should they be the highest bidder on the day. This is formally documented and signed off by both parties well before the auction; and the decision to agree, or not, is always yours.

Sometimes, an acceptable offer is made before auction day, which may lead to the auction being brought forward, this is referred to as a pre-auction offer. In this scenario, the acceptable offer serves as the opening bid, while other interested parties are given the opportunity to bid upward from there.

Once the property has sold under the hammer, you and the purchaser are asked to sign the contract documenting the sale, which will then be distributed to your and their solicitors for processing. Arrangements for a deposit are made (usually by cheque or by bank transfer the same day), and the remainder of the purchase price is due on settlement day. Should the property not sell at auction, then there is room for conditional buyers to enter the arena and an agreement can be negotiated.

What can I expect on auction day?

For detailed information about all of the steps and what to expect on Auction day head to our website – we have dedicated pages for both buyers and sellers including videos from our salespeople and top auctioneers.