Davies & Way have sold property by auction for over 40 years & are one of a few firms of professional qualified auctioneers in the Bristol & 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 & delay which can be associated with selling property by private treaty is eliminated as the dates of both the auction & for completion are fixed. The Auctioneer has sole authority to sign the contract or memorandum of sale on behalf of both the buyer & seller, with the contract becoming binding on the fall of the Auctioneers hammer. Strong competition between would-be buyers can make Auction an exciting & effective way of achieving a premium price. 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 & agricultural property, investment properties & 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 & 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, & needs 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 with the Auctioneer prior to the auction. If you wish to learn more about the exciting & effective method of sale by auction, or you wish to arrange a free pre-auction appraisal email Stephen Morris (address in contacts)