Auction
Details
"An auction is a method of buying or selling a property (or other asset) where it is offered for sale to the highest bidder, usually within a set time frame and under pre-defined legal terms.
In a property auction, the sale becomes legally binding as soon as the hammer falls. Properties are marketed in advance
- Interested buyers carry out their due diligence beforehand
- Bidders compete on the day (in person or online)
- The highest bid wins
- Exchange of contracts happens immediately
- Completion usually takes place within 28 days (sometimes longer if stated)"