There are a number of clear benefits of selling your property at auction. Let's look at a couple of the most obvious ones: Speed: How quickly a conveyancing transaction can be completed is one of the key advantages of selling at auction. The whole process - from registering with an auction house to the day of sale to completion - can be done in as little as eight weeks, assuming there are no other hitches. A binding sale: Once a winning bid has been accepted, the buyer must commit to purchasing the property. Legally, the sale contract has been completed the instant that the hammer falls. The buyer must pay a deposit, usually 10 percent, immediately and provide the balance of the sale price within 28 days. Where they fail to complete their side of the deal, the buyer must forfeit their deposit. Competition among buyers: The catalogue sale price will be set to encourage bidding among those in the auction. Competition among bidders on the day can push the sale price up and help you realise a greater profit than selling in a conventional way through an estate agent. Setting a reserve price: You can stay in control of the sale by setting a reserve price. This is the basic figure that you want to achieve from the sale. If the auctioneer does not receive any bids that reach the reserve price, the lot will be withdrawn. It is then up to you to decide whether to change the reserve price or to negotiate with those who bid below that figure.