As a ‘one stop shop’ for quick house sales, Property Solvers also offer a state-of-the-art property auction platform.
We use 2 decades of experience to offer a fresh approach to selling your property in the shortest time possible.
Our auctions go live for 21 days across the major property portals so we can attract the maximum amount of bidders and get you the very best price.
In terms of how we work, Property Solvers run 2 different types of auction that offer our clients flexibility on the outcome of the sale:
Sometimes referred to as the modern method of auction, this enables you to get an excellent price and find a much more secure buyer compared to an estate agency sale.
With this method, the buyer has 28 days to exchange from when the hammer falls and a further 28 days to complete the transaction.
The buyer still pays the non-refundable exchange fee once the live auction ends that commits them to the sale.
The longer timeframe allows you to get the best price possible through the auction.
The more traditional (and faster) way of selling at auction. With this option, the winning bidder exchanges contract the moment the virtual hammer falls. This is an excellent way to sell unmortgageable or cash buyer only properties.
The buyer pays the non-refundable reservation fee the moment the auction ends as well as formally exchanges on the sale. The buyer then has 28 days to complete the sale.
If the buyer pulls out they lose the non-refundable fee and potentially also lose their 10% exchange deposit.
We’ll get your property sold much faster than traditional auctions for the optimum price.
The team at Property Solvers has many years of experience in valuing properties of all shapes and sizes.
Using house valuation tools available in the public domain, we’ll start by look at sold property comparables in your local area.
We’ll also apply specific methodologies used by the Royal Institute of Chartered Surveyors (RICS) and run off one of our auction valuation reports (produced exclusively using HM Land Registry data).
We can turn this around for you immediately if so required and provide you with a ‘desktop’ property valuation for auction alongside a detailed explanation of our findings.
This price will be based on what we feel the property is worth in its current state. This can be either a single figure or price range (i.e. £X to £X). Much will depend on the level of bidding interest during the auction, demand, the state of the market and other dynamics. As professional auctioneers, our aim is to push the price above this level.
This is the minimum figure that you would be willing to sell at. The bidding must reach this figure in order for the property to be reserved (and sold). This figure will be agreed before the auction between us and will be kept confidential. If the bidding does not exceed the reserve the property will be left unsold and you have the option to run it through the next auction for free!
Before deciding on a final valuation for the auction we will visit the property to do a full internal inspection.
This will enable us to confirm our suggested price structures for auction and get you the best outcome!
We’re available to do this 7 days a week at a time convenient for you.
We also sell commercial, mixed-use properties and freehold land through our auctions.
In fact, selling property with part or full commercial aspects is arguably more likely to get a better result compared to the open market. This is often because buyers actively check auctions portals such as our own to see what’s available.
Our auction team can sell industrial units, garages / garage blocks, storage facilities, ground rents, forecourts, retail shops, florists, car parks / parking areas, mixed-use and other types of vacant/occupied commercial premises. We’ll take on both freehold and leasehold properties (regardless of the remaining lease length).
Property Solvers auctions are also an excellent sales outlet for land (with or without planning permission). This includes everything from urban land (such as split titled gardens, basement space, amenity and surplus urban plots) through to agricultural, meadows, fields, greenbelt land, moorings, paddocks and everything in between!
Derelict / abandoned buildings, farm outbuildings, barns and buildings with change of planning use potential across the country are all very much of interest to our auction database.
For these types of sale, our valuation / marketing process is more nuanced than with residential properties. As with any auction sale we undertake, we can get your building / plot / site listed within very short timeframes and guarantee excellent exposure.
Appreciating the extra complications involved in this type of transaction, we typically extend the time for selling to 6 weeks between exchange and completion.
When getting in touch with us, we would ask that you forward any plans, leases, photos/images, surveys, insurance policies, planning permissions and any other documents that would be helpful to assess the property quickly.
Property Solvers invests heavily into a range of marketing channels to ensure your property gets the very best exposure. This includes:
The auction legal pack is a set of documents produced by your conveyancer / conveyancing solicitor. These may include:
Although it’s not compulsory to sell at auction, we usually recommend having these documents prepared to get the best result.
Unlike a normal high street sale with an auction, the buyer is committed when the hammer falls.
They should therefore be fully aware of all legal issues before they bid and financially commit to the sale.
As a seller, you can reassure them by providing a professional and comprehensive legal pack.
It means the buyer will be fully aware of all legal issues before they bid and financially commit to the sale.
We often find that buyers tend to offer lower prices or will not bid if the auction pack isn’t there as they are concerned that there may be something wrong with the property.
Should you be interested, we work with professional in auction specialist lawyers who can offer who can offer you a fast, friendly and cost-effective service.
£447.00 (plus VAT and disbursements)
+ £447 (plus VAT) due on completion*
Price to be confirmed with the conveyancer (will be higher)**
* The above is based on a sales price of under £250,000. The post-auction conveyancing fees will increase to £647 (including VAT) for properties sold at between £250,001 and £500,000 and £847 (including VAT) for properties sold at between £500,001 to £750,000. Fees for properties sold at over £750,001 are available upon request. There is also a supplementary conveyancing fee for leasehold property sales of £250 including VAT (regardless of sold price).
** You may be required to sign a separate agreement to cover the costs should the sale fall through.
Also, note that you will be entitled to keep the legal pack should the sale fall through.
You are then free to use this as you wish, including future transactions (and thereby save money).
Property Solvers offer very competitive fees for our auction service:
*We operate on a no sale, no fee basis.
Property Solvers offer an online auction as part of being a ‘one-stop shop’ for homeowners looking for a quick and secure sale.
Some of the benefits include:
It’s worth noting that you will generally pay more when selling at auction compared to an estate agency.
This is largely due to the fact that things move a lot quicker. Through our own estate agency, for example, even though we frequently find our clients buyers within 28 days of going to market, sales are still taking 3-4 months to complete.
These are due to circumstances that are beyond our control and a sad reality of the house sales industry. Any estate agent that tells you a different story is likely being disingenuous.
It also costs us more to effectively manage and run an auction. There are many extra processes to ensure a smooth sale. These include vetting buyers, producing detailed brochures, engaging in extra marketing efforts, dealing with pre/post-auction legal queries, managing the auction platform (24/7) and ensuring everyone involved is happy.
You can rest assured that you will be getting good value for money from a team with extensive experience in the quick home sale sector.
Most people that contact Property Solvers are residential homeowners in search of a quick sale.
We also regularly receive enquiries from people selling commercial, mixed-use, industrial, agricultural property, land, ground rents, garages, amenity ground and everything in between!
We would typically suggest using our auction service when our sell house fast option is unworkable or unviable.
It’s a great way to get an excellent price whilst benefitting from a much shorter timeframe relative to what’s possible with an estate agency or brokerage.
The chances of achieving a successful sale at auction are significantly higher than selling through an estate agency.
There are just so many things that could go wrong that are legally eliminated through using an auction service like ours.
For instance, using a price to entice strategy and creating a competitive buyer environment will mean that people will be clamouring to make an offer. Furthermore, once a successful bid has been made, buyers automatically become financially committed to the sale.
These and other factors mean that silly buyer games and delays that often happen with estate agency sales are avoided.
The short answer is yes. The Property Solvers We Buy Any House service suits people in search of a swift, hassle-free sale with no associated costs.
We can get the sale completed within as little as 7 days and have been able to exchange contracts in just 48 hours where necessary.
The trade-off as a seller is that our purchase prices are typically 75% of the market value (with no fees). We appreciate that this is not an option for everyone which is why our auction is an excellent alternative.
Depending on whether you choose our 28-day (unconditional) or 56-day (conditional) sale, we can achieve you between 80% and 100% of the market value within much less time than what’s possible through an estate agent.
The principal difference between conditional and unconditional property auction comes down to sale speed and the timeframe within which you want to complete.
After marketing your property and conducting viewings/open days, the auctioneer will conduct a competitive bidding process.
The bid is won once the virtual hammer falls.
There is then an allocated 4-week (28-day) exclusivity period for the buyer to exchange contracts on the property.
At this juncture, a non-refundable deposit is also instantly paid (for extra security). The buyer must exchange after the 28 day period or risk losing all of this deposit.
At the point of exchange, a 10% deposit is paid into the buyer’s conveyancer’s account.
There is then a further 4 weeks (28 days) for the sale to complete.
The main upsides of selling this way is the longer timeline that buyers have to complete on the sale and higher achievable prices.
The ‘pool’ of potential purchasers of your property widens as there is more time to organise mortgage finance compared to what is the case with traditional (or ‘unconditional’) auctions.
Similar to the 56-day auction, there will be best bids process after the property has been marketed and viewed by potential bidders.
A stipulated bidding period will see potential buyers compete against each other. Once the virtual hammer falls, the winning buyer has effectively exchanged contracts and will need to pay a minimum deposit of 10%.
The buyer is obliged to complete on the sale within 28 days. Failing to do so means that he/she will lose the deposit and incur other financial penalties set by the auction house.
Although the price achieved can be lower, sellers sometimes prefer this auction sales channel due to the time saving.
In most cases, as a seller, the disbursements you’ll end up paying will be no different to selling through an estate agency.
Either way, sellers disbursement costs are usually low compared to what a buyer has to pay.
To put your mind at ease, we would recommend speaking to a conveyancing specialist who can confirm the exact costs you would expect to incur.
In most cases, this is not true…
The stereotype that all auction properties are problematic continues to fade away.
More people realise that selling at auction is an excellent way to achieve a good price in a shorter time frame compared to an estate agency.
Of course, this does not mean that buyers will not want to undertake detailed research and checks on your property.
For this reason, along with the legal pack, we often recommend getting a professional survey undertaken beforehand. This helps keep things transparent and efficient.
Ultimately, it comes down to whether your property is mortgageable. The question you should ask yourself is: “will a mainstream mortgage company have no issues with lending to the buyer?”
If it’s been some a while since your property has been decorated but it’s habitable then our suggestion price will be slightly lower.
On the other hand, if the property does not have a functioning bathroom and/or kitchen and has structural issues / damp / Japanese knotweed, then it may be more suitable for cash buyers only. In these scenarios, you’ll need to be willing to price the property at a discount for the time, effort and money required for the buyer to bring the property back up to standard.
An old saying in the industry is that ‘a property is worth what someone is willing to pay for it’.
We will provide you with appropriate guidelines for auction once we’ve run our own house valuation processes, using information that’s widely available in the public domain.
Most buyers will have a general idea of where prices are at and will be looking to see whether your property is priced fairly.
This can, of course, be open to interpretation and will depend on whether there are issues with your property.
For instance, if you’ve spent money renovating and improving the house, then there’s usually no reason to be a little aggressive with the guide and asking prices.
As mentioned above, at the opposite end of the scale is where a property may need significant works undertaken – in which case buyers will factor in the costs they will eventually incur themselves when bidding.
There is also a range of other factors such as local demand, transport links, local amenities, schools, infrastructure and other ‘micro’ factors that come into play.
Either way, as industry professionals with many years of experience, we urge you to price the property realistically. The risk of not doing so is that the property ends up unsold and ‘tainted’ (even if such a label is unjustified).
Using an auction service like ours is a surefire way to get a quick sale at a competitive price.
Assuming the legal pack is ready, Property Solvers will be able to list your property straightaway.
We typically allow for a 3-week marketing period to allow for the property to get a good level of exposure and for us to conduct open days and viewings.
It’s during this period that we’ll also be fully-available to answer any buyer questions before opening up the bids.
Note that we can reduce or increase this timeframe where deemed appropriate (and with your full approval).
If you choose our default conditional auction option, once the bid is won, there will be a further 56 days to wait until completion.
With the unconditional option, there will be 28 days until completion.
You can rest assured that your property will be marketed on the leading portals – including Rightmove, Zoopla, Prime Location and many more (see where we advertise).
Working in the industry for 2 decades, we’re well connected with the UK’s property investment community (check out our popular investor’s blog). We also have a good-sized LinkedIn company page and manage LinkedIn’s largest property investor / developer’s group.
Furthermore, Property Solvers will produce a high-quality brochure that will distributed amongst active buyers alongside our various other social media channels.
In the very rare instances where this happens, it should be noted that once the virtual hammer falls, contracts are exchanged and the buyer usually pays a deposit of 10%.
If he/she was to then pull out, there is a serious risk of losing this deposit. There will also be legal abortive fees, penalties and we will not refund the 2% deposit paid.
Note that with our conditional 56-day option, the buyer would stand to lose the non-refundable deposit if he/she were to pull out before exchange and completion. However, again, this is extremely unlikely to happen.
Also known as gazundering, the practice of dropping the price after the virtual hammer has fallen is not possible.
Even with the 56-day conditional auction (and payment of the non-refundable reservation fee), the sale price cannot be altered under any circumstances.
As part of our initial conversation, we will find out a little more about your objectives. If we feel that an estate agency sale (through ourselves, for example) is a better option, we will certainly advise.
It’s generally the better option if you have more time to sell and don’t mind putting up with the many hassles that come with this route.
At the same time, it’s worth noting the following:
Absolutely! Provided you are not tied into a contract, we would be happy to relist your property for auction.
Time and time again, we see estate agencies overvaluing properties to win business. We’ll provide our honest, professional opinion and advise on the best route to take in order for you to sell with the outcome you desire.
No. Many online auction houses advertise on their own websites only. If you see that there are no sellers fees, this is often the case.
It’s crucial for your property to be marketed (at the very least) on Rightmove, Zoopla and Prime Location so that enough buyers can see it to bid.
Whilst there are a handful of auction sites with decent volumes of traffic out there, none will give you the same level of exposure as what you would get on these portals.
Setting the guide and reserve price can be a tricky process.
It comes down to getting you an excellent price that you’re going to be happy with without putting off buyers.
You can rest assured that the valuation team at Property Solvers have lots of experience in valuing property with a view of getting the best outcome.
Alongside your input, we use established HM Land Registry data and Royal Institute of Chartered Surveyor (RICS) methodologies to primarily establish the value of your property.
We’ll then use market sentiment data and our own real-time analyses to provide you with recommended reserve and guide prices.
Yes, this is entirely possible.
Our job here is to push the price as high as we can – however, we cannot guarantee that it will go beyond the guide.
Much will depend on how accurately it is priced and the level of demand. We are certain that, if you follow our guidance, we will get you an excellent result that will leave you with a smile on your face!
We offer buyers the opportunity to make a ‘pre-auction’ offer during the 3-week marketing period through a button on the portal.
One of our auction administrators will then be in touch with yourself to present any offer. We leave it at your discretion to accept this offer or not.
If you decide to go ahead (and cancel the auction), we will ensure to take the deposit and/or immediately exchange on contracts so that you have the same level of security as if the auction went ahead.
Yes, this is no problem at all. Many buyers who visit online auction pages are interested in single-let properties and Houses in Multiple Occupation (HMO) with tenants in situ.
You get the added benefit of receiving income right up to completion where the new buyer will effectively take over.
Please note that most auction buyers will want to see a copy of the tenancy agreement, rental schedules, payment history, compliance with the relevant legislation (see our selling tenanted property blog post).
Some sellers, however, choose to vacate the property before putting it through the auction market. Although there is no guarantee, it can often mean that the price achieved is higher as you’re effectively opening up the potential ‘pool’ of buyers (and not limiting the sale to landlords and property investors).
At the same time, if you’re thinking about serving notice, it’s worth thinking about the amount of time it will take you to do so as well as the fact that there will be no rental income.
Either way, we’d be more than happy to have an informal chat through your options.
One of the main differences from other auction houses you may have come across (such as Allsop, Savills, Clive Emson, Pugh, Barnard Marcus) we’re able to list your property in days and get the auction going shortly after that. With traditional auctioneers, you’re likely to be waiting at least month for a space in the catalogue plus the extra time for marketing, listing the lot, viewings etc.
Property Solvers Auctions will bring in competitive pre-auction offers in much shorter timeframes.
Furthermore, we’re able to prioritise the auction properties we market equally. There no risk of your property being buried at the back of the catalogue or pushed behind other auction sales.
Absolutely! We are well-versed with the Scottish conveyancing process and deal with auction property sales across Greater Glasgow & The Clyde Valley, Edinburgh & The Lothians, Dumfries & Galloway, Aberdeenshire, Argyll & The Isles, The Kingdom of Fife, Ayrshire & Arran, Outer Hebrides, Dundee & Angus, Shetland, The Highlands, Lanarkshire, Orkney, Loch Lomond, Perthshire & The Trossachs, Stirling and The Forth Valley.
We often find LinkedIn is the best social media network for active auction buyers and we have a very strong presence there, not only through the Property Solvers Company Page but also the Property Investors / Developers group we’ve run since 2008 which has tens of thousands of members (and counting!).