Foxtons Auctions specialise in the quick sale. It means that we sell auction properties in less than two months on average, but also that we make the process of a quick sale a whole lot better. Greater support, greater transparency, greater access, simpler processes and no hidden fees. This isn’t your average property auction, this is a Foxtons hybrid auction.
Read the following how-to guide to learn how it works.Step-by-step guide:
Any questions? Ask our experts
First, book in an auction appraisal. A Foxtons property expert will come discuss your goals, assists in setting a guide price and reserve price, makes a custom plan and answers any questions.
Let us get it done for you
If you're happy to proceed, instruct the team. We will organise photography, list it on aggregators like Zoopla and Rightmove and manage it on our partner platform, BidX1.
Finding the best-suited solicitor
For the sake of a speedy sale, it's vital that all the paperwork gets completed, and completed correctly. So, prioritise hiring a solicitor you can trust.
We recommend using Conveyan, our panel of third-party solicitors who have proven track records on Foxtons cases. Conveyan will find an experienced solicitor for your auction sale, and operate on a no-sale, no legal fee basis.
Sort the paperwork
When you're selling a freehold property you will require a sale pack collated by the solicitor. If it's a leasehold or share of freehold property, you will also need to contact your managing agent to organise your management pack.
With a full auction pack, buyers and their solicitors can review the content and proceed quickly. If you have any questions, give us a call at 020 7893 6060.
The viewings begin
We complete as many viewings as possible before the auction to attract the widest range of buyers to your property.
Buyers can place a prior auction bid, instead of waiting for the auction day.
If you accept a prior auction bid, the buying process commences. Meanwhile, the buyer isn't afforded exclusivity so Foxtons will continue to conduct property viewings and seek out other bids.
Buyers are pre-qualified
Buyers have the opportunity to source their finance and raise any enquiries through their solicitor prior to exchange. Thus, all buyers are pre-qualified, having performed their due diligence, before and submit a buying deposit.
Exchange takes place
If there's just one buyer agreed, they place their bid via the BidX1 and exchange. If there's more than one buyer ready on the same day, bidding will ensue.
In the event of a last-minute bid, the auction remains open one minute longer, and it continues this way until bidding stops. This ensures all buyers have a chance to respond, and you get the best price.
Your property is sold
Once the reserve price met, the highest bidder exchanges via the platform. If the reserve price isn't met by the time the auction ends, you can choose to exchange with the highest bidding buyer.
Why to trust your quick sale to Foxtons Auctions:
The real deal
All bids are public in Foxtons Auctions.
Some sellers seek out auctions after pitfalls in a traditional sale, especially when buyers pull out late in the process and muck up the timeline for their onward move. So, sellers appreciate our auctions’ use of deposits and buyer-qualification to ensure every bid is serious – no time wasters here.
Every opportunity
We want to give more people access to a quicker sale – besides the professionals who frequent auction houses.
• Buyers from Foxtons and our partner platform BidX1 can participate, no matter whether they’re buying with cash or a mortgage.
• We conduct as many viewings as possible to attract the widest range of buyers.
• If there’s a last-minute bid, the auction remains open one minute longer and continues until bidding stops, so everyone has a chance to respond.
Source: This article was sourced from and edited by the Foxtons Auction team, drawing on their extensive day-to-day experience helping homeowners navigate auctions. Our team have genuine expertise and practical insight to offer, so if you have any further questions or want guidance on property auctions, get in touch with the Foxtons Auction team.
