How Long Does It Take to Sell at Auction?

Clive Emson Auctioneers wrote in July 2023 that a property sold at auction can complete, with funds reaching the seller, in as little as 20 working days after the online timer ends. It put the whole journey, from first approaching an auctioneer to completion, at about seven to eight weeks, though viewings and marketing can be hurried along when required.

The firm gave several reasons for the speed. Each auction has a fixed date, which gives buyers a deadline. The winning bidder pays a deposit straight away, which means contracts are effectively exchanged on the fall of the gavel. Completion follows within a set period, usually around 20 working days, and buyers who overrun can face penalties. Protracted haggling is avoided because bidding settles the price on the day, and the buyers who take part tend to be committed, often with cash or a mortgage already arranged. Competition between bidders can also lift the price compared with a private sale. Clive Emson noted that legal complexity, inspections and finance can still affect the timetable.

The firm said a quick auction suits several kinds of seller and property: owners who must sell fast because of money pressures or relocation; homes needing renovation that appeal to buyers looking to add value; unusual or historic properties; homes in high-demand areas; properties that are hard to value, where bidding lets the market set the price; distressed or probate sales; and assets that attract investors or developers.

Source: Clive Emson Auctioneers, original article (25 July 2023)