At Stephen and Co we hold regular Collective Auctions where we will offer properties that require lots of work, building plots, or anything unusual or unique. Based in Weston-super-Mare, North Somerset, we take care of property auctions and market appraisals so that you are able to obtain the best price on the day for your property. Selling your property at auction can remove a lot of uncertainty, as once the auction is complete, clients exchange contracts straight away. At Stephen and Co, we have an auctioneer with more than 30 years experience.
How the Auction Works
To make an informed decision about possibly selling your property at auction, you will need to understand all of the relevant steps. These include:
1. The auctioneer will introduce the property and invite bids.
2. The bidding must reach the reserve, which is the minimum amount that the property can be sold for.
3. The bidding will continue until the highest bid is received. The auctioneer will then invite a higher bid three times.
4. Assuming nobody bids, the hammer will fall and the property is sold. This is a legally binding contract.
5. The purchaser will be asked to come forward at the end of the sale to sign the contract and pay a cheque for 10% of the purchase price.
6. The purchaser will also pay the auctioneer’s fee of £150 plus VAT and produce two forms of identification.
7. Completion of the sale normally takes place 28 days after the auction or sooner by arrangement.
For the right property, there are many advantages to selling at public auction as opposed to the more common private treaty. Primarily, there is the certainty of knowing that once the hammer falls, the property is sold and there is no opportunity for the purchaser to withdraw or re-negotiate.
A Smooth, Hassle-Free Process
As the auction process is relatively quick with concentrated marketing over a six to eight week period and competitive bidding, you can be sure that the best price will be achieved on the night. Not all properties are suitable for auction, however experience shows that those in need of modernisation, land and building plots, commercial and unique properties that are difficult to value precisely tend to do well. Also, it proves popular for executors when closing estates as they can prove that the best price has been achieved. For a free, no-obligation market appraisal of your property, please do not hesitate to get in touch with us today.