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- FAQ
Your Questions, Answered
We understand that buying or selling a property can come with questions. That’s why we’ve compiled answers to the most common queries about our auction process. Whether you’re a first-time buyer, a seasoned investor, or a seller exploring new options, we’re here to provide clarity every step of the way.
From understanding guide prices and reserve prices to learning how the bidding process works, you’ll find helpful information to make informed decisions. If your question isn’t answered here, our team is always available to assist. With First Choice Property Auctions, navigating property auctions has never been easier or more transparent.
Question About Selling
Selling at auction is fast, transparent, and competitive. It attracts serious buyers, avoids long negotiations, and can increase the final price as buyers compete. Auctions are a great choice for unique properties or when you need a quick and certain sale.
The big difference is how the price is set. With estate agents, the price often starts high and gets lowered during negotiations. At auction, the price starts low and goes up as buyers compete. This competition can lead to a higher final price and a quicker sale.
The biggest advantage is there’s no upper limit on the price. Competitive bidding often pushes the price higher than expected. Unlike traditional sales, where a single buyer can reduce their offer, auctions bring out the true value of your property.
The reserve price is the lowest amount you’re willing to accept for your property. If bidding doesn’t reach this amount, the property won’t be sold. It’s your safety net to ensure you get the price you want.
The guide price is the starting point for bids, often set lower than the reserve price to attract buyers. A lower guide price helps create more interest and encourages competitive bidding on auction day.
We arrange group viewings for potential buyers before the auction, providing a schedule and details in the auction catalogue. If needed, we can also offer a virtual tour as an alternative for added convenience.
Yes, just like with any property sale, a solicitor is required to handle the legal aspects. If you don’t have one, we can recommend experienced solicitors to prepare the legal pack and handle the process.
In Scotland, a Home Report is usually required for residential properties. It includes a survey, energy report, and property questionnaire. However, properties in poor or uninhabitable condition may be exempt.
Yes, you can. If you’re happy with an offer before auction day, we’ll help you secure a 10% deposit and complete the sale with a contract. We’ll also give you feedback on buyer interest, including viewings, legal pack downloads, and registered bidders, so you can make an informed decision.
We list your property on major platforms like Zoopla, OnTheMarket, and soon Rightmove, as well as using targeted social media campaigns. Our goal is to get as much exposure as possible to attract serious buyers, secure great offers, and deliver fast results.
The Safe-Sale Guarantee protects you from buyers backing out. Buyers pay a non-refundable 10% deposit (minimum £3,000) to secure the property. If they cancel, the deposit is forfeited, giving you added security and reducing the chance of delays. If needed, you can relist the property for sale, and you also retain the right to recover additional costs through your solicitor.
Question About Buying
One of the biggest benefits is the chance to buy a property at a competitive price, often below market value. Auctions are fast, with no delays or waiting for closing dates like traditional sales. The bidding process ensures transparency and helps you find the property’s true value without the usual uncertainty.
The reserve price is the lowest amount the seller is willing to accept for the property. If bidding doesn’t meet this amount, the property won’t be sold. It protects the seller from selling for less than they’re comfortable with.
The guide price is the advertised starting price, usually set lower than the reserve to attract more interest. It encourages competitive bidding, which increases the chances of a successful sale.
We organize group viewings in the weeks leading up to the auction. A full schedule and auction catalogue will be available beforehand. If needed, we can also provide a virtual tour as an alternative.
Yes, it’s best to insure the property as soon as you pay the deposit to protect your interest. Unexpected events can happen, and insurance ensures you’re covered right away.
Yes, you can use the ‘Buy Now’ option if it’s available. To secure the purchase, you’ll need to pay a deposit and cover the buyer’s admin fees. This allows you to reserve the property before the auction starts.
While we provide the most accurate information available, we recommend doing your own due diligence. Auctions are final, and the last bid is legally binding. Always review the terms and conditions, legal packs, and consult your solicitor if you have questions.
If the reserve isn’t met but your bid is close, the seller may reconsider. We’ll contact you after the auction to discuss options. If not, the property will be relisted for the next auction.