Selling at Auction

loveandlight

Anyone know how long it takes before you get the money when you sell a property at auction? For example, say the house got sold on 16th December. When would I be likely to receive the money from the auctioneers?

Thanks.

Wings

Buyer pays 10% Deposit at Auction, balance/completion within One month

PasturesNew

You don't receive the money from the auctioneer. Usually, when the hammer goes down, the buyer has 28 days to complete the transaction. Sometimes it's less, if written into the contract specifically to be less, but 28 days is usual.

On or before the 28th, you would receive the money, via your solicitor, from the buyer of the house.

Buying/selling at auction is just the promise to sell/buy, after that it's the same way it works for any other sale really... just with a very tight/fixed deadline of about 28 days.

loveandlight

Thanks guys. It says on the auctioneer website that it takes 20 working days to get the money from the sale. The hammer went down on the 16th December, so roughly what date am I likely to receive the money? My brain isn't working very well at the moment it seems.

GDB2222

20 working days = 4 weeks normally, but 3 or 4 days longer given all the bank holidays now.

farmerboy

loveandlight wrote: »

Thanks guys. It says on the auctioneer website that it takes 20 working days to get the money from the sale. The hammer went down on the 16th December, so roughly what date am I likely to receive the money? My brain isn't working very well at the moment it seems.

Taking into account the holiday period, I would guess around the 25th January. Thats allowing for them not to include christmas eve and nothing between christmas and new year and them not starting back till the 5th Jan.

PasturesNew

20 working days at the least would be:
Fri 17th
Mon 20th, Tue 21st, Wed 22nd, Thu 23rd, Fri 24th
Wed 29th, Thu 30th, Fri 31st
Tue 4th, Wed 5th, Thu 6th, Fri 7th
Mon 10th, Tue 11th, Wed 12th, Thu 13th, Fri 14th
Mon 17th, Tue 18th.

So, counting actual working days it'd be Tuesday 18th January.

Richard_Webster

Anyone know how long it takes before you get the money when you sell a property at auction? For example, say the house got sold on 16th December. When would I be likely to receive the money from the auctioneers?

Thanks.

Ask your solicitor!

loveandlight

posted by Richard Webster
Ask your solicitor!

Sorry can't. My solicitors office is on holiday until next week (4th January).