When the auctioneer finds a buyer for the property and the price has been agreed by you the property is now ‘sale agreed’. This means that both parties are have agreed that the sale should proceed but either party may pull of the sale until such time as contracts are signed and deposit paid. Until contracts are signed the sale is SUBJECT TO CONTRACT/CONTRACT DENIED. You should also try and agree a closing date at this stage. A trouble-free sale normally takes 4/5 weeks as a rule of thumb.