Davies & Way have been selling property by auction for over 40 years and are one of a few firms of professional RICS qualified auctioneers in the Bristol and Bath area. As a method of sale, auction is undergoing something of a revival & it can be the most effective method available. However,it is not suitable for all property types or indeed every seller's circumstances.
Why sell at auction?
Auctioning a property has a number of advantages for both buyer & seller.
Much of the trauma and delay which can be associated with selling property by private treaty is eliminated as the dates of both the auction and completion of the sale are fixed. Certainty of sale in a fixed time frame is greater by auction.
The Auctioneer has sole authority to sign the contract or memorandum of sale on behalf of both the buyer and seller, with the contract becoming binding on the fall of the Auctioneers hammer.
Strong competition between would-be buyers makes Auction an effective way of achieving a premium price and establishing market value.
What Properties are suitable for auction?
The short answer to this question is that you need to speak with one of our partners. Michael Ashbee or Stephen Morris would be happy to advise you on whether your property was suitable as an auction lot. However, in general terms, property in need of renovation, building plots, barns for conversion, certain landmark properties, paddocks and agricultural property, investment properties and those with future potential, be they residential or commercial can all make excellent candidates.
How long does the process of marketing take?
We would anticipate a marketing period of at least 4-6 weeks prior to the auction. We arrange both collective and single lot sales.
Who sets the Price Guide & Reserve?
This is set in consultation with the Auctioneer. Price guides need to be a realistic approximation of the likely range of offers and need to be accurate so as not to mislead the buyer. The ultimate price achieved however is determined by the competitive bids. The Auctioneer may bid on the behalf of the seller to the reserve price. This is the price below which the property may not be sold. The reserve price is set by agreement between the Auctioneer and seller prior to the auction.
If you wish to learn more about selling a property by auction, or you would like to arrange a free pre-auction appraisal,
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