Somerset is a beautiful county in the South West of the UK. With its magnificent combination of countryside, beaches, and things to do, it’s no wonder Somerset is a thriving place for buying and selling property.
Everyone is becoming so accustomed to things being done fast these days - fast food, fast Internet, fast charging, fast cars - and buying or selling a property doesn’t have to be any different.
Many people choose to sell their property at auction, especially when they want a quick sale, but many also still have their reservations about property auctions, and fear they will fall short by selling at an auction, but that doesn’t have to be the case. We have put together some quick info to help you understand the processes of buying or selling a property at auction in Somerset.
So, you’re thinking of buying a property at auction in Somerset, but you’re not sure where to start?
The first thing you can do is take a look at the properties we currently have available for auction, or contact us to receive a copy of our latest property auction catalogue. Here, you can search for available property and lots at auction, and can contact our teams to arrange viewings of the properties you are interested in.
Once you have found an auction property you are interested in, you will need to have a survey of the property carried out by a professional surveyor. You will also need to arrange any necessary finances for the property, should you win this at the auction, as you will be required to pay a 10% deposit for the property on the day and the following amount will be required in the 28 days following the auction.
So, your survey has been carried out, and your finances are in order. Now, you will need to read through the legal documents provided by the seller of the property. These will contain all of the terms of the sale, and are available to view online, can be posted out to yourself, or they can be available to read at our offices, if you prefer.
Now you will be able to register for the auction. This can be done on the day of auction, at the registration desk, or you can print and fill out the form prior to the day and return this to the desk on the day. This will allow you to then make bids on the chosen property.
If you are unable to bid in person, we have telephone and proxy facilities available. Please let us know prior to the auction if you require these facilities.
Once the gavel has fallen, if you have won the desired property, this is a legally binding agreement and you must pay 10% of the overall amount as a deposit to the seller.
If you’ve considered selling your Somerset property at auction, but aren’t sure, you can book a free market appraisal, where an expert valuer will visit your property and provide you with a valuation for your property, and discuss your best options for selling.
Once you have had a property valuation, you will then need to instruct an auction house. When you do this, we will ask you to confirm your reserve and guide prices; based on the valuation you have received. At this point you will also be required to pay the entry fee.
As your auction house, we would then market your property across all of the appropriate channels; listing your property in our latest property auction catalogue, which is then distributed to thousands of investors, as well as listing your property on our website and other third-party property sites, and throughout key media.
You will need to instruct a solicitor who is able to provide you with all of the necessary legal documentation, including the terms and conditions of the sale.
Bids on your property can be made before, during, and after the actual auction day. If you do receive any bids prior to auction day we will always inform you of this and offer our advice on whether or not we would recommend accepting offers. Accepting offers is completely down to your discretion.
For the auction day, you - the seller - is able to set the minimum price we are allowed to sell your property for, so there is no risk of getting a lower price than you expected. There is also no price ceiling, and due to competitive bidding there is the potential that you may get a lot more than expected for your property. When the gavel falls, the buyer is required to pay 10% of the overall amount on the day, with the remaining amount to be paid within the following 28 days, so there is less risk of the sale falling through.
If your property does not sell on the day of auction, we will continue to market the property for 8 weeks following auction.
Overall, from instruction to completion, selling your property at auction takes around 8 weeks. So, if you’re looking for a quick sale with low risk, selling at auction with Countrywide South West may be the ideal route for you.
For more information, for a free market appraisal, or to get started in your process of buying or selling a Somerset property at auction, please don’t hesitate to contact our team of expert auctioneers today!
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