Make sure you get the right price for your property at auction with the help of our estate agents in Weston-super-Mare, North Somerset. Stephen and Co. holds regular collective property auctions, specialising in selling building plots, properties that require lots of work, and other unique or unusual lots. Established since 1928, our company also offers trustworthy market appraisals ahead of the auction. Selling your property at auction can remove a lot of uncertainty as contracts are exchanged immediately at the close of the auction. Get in touch today to discover more.
How the Auction Works
If you’re interested in selling your property at auction, you will need to understand all the relevant steps of a public auction. 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 a Buyer’s Premium 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.
What’s more, as the auction process is relatively quick, with concentrated marketing over a 6 – 8-week period and competitive bidding, this is the optimal way to get the best price for your property on the night. This option is also popular for executors who are closing estates.
While not all properties are suitable for auction, we can provide a free, no-obligation market appraisal of your property to determine its value and suitability. Experience shows that the following property types tend to do well at auction: