Property auction guide

Whether you are new to buying or selling with Brightwells, we would like to welcome you and hope this simple guide may be of some help. Whether you choose to read all or none of it when you come to one of our sales you can get all the support you need by approaching any member of Brightwells’ staff and explaining that you are new to our auctions. Our team will gladly help you through the simple processes.

Buying Property at Auction

Brightwells hold periodic sales of property by auction, and full details of which are easily obtainable through our website. Auctions are an effective way of buying property, and when the hammer falls a sale is legally effective – it avoids any “gazumping” whilst at the same time a vendor is assured of a sale. Brightwells make the process as easy as possible whilst at the same time providing a reliable and trustworthy process. The following is a simple guide to the auction process, and intended to ensure that you get the most from participating in a property auction.

Prior to attending a particular sale

• Before arriving at an auction being prepared is all important. For your peace of mind check you have completed the following:
• Taken Professional advice from your solicitor, surveyor and accountant where appropriate
• Read all the conditions in the sale particulars
• Inspected the property carefully in which you are interested
• Undertaken all the usual searches and legal enquiries
• Read all the available documentation including leases, and pre-contract enquiries
• Arranged finance for both the deposit and eventual purchase price.
• Satisfied yourself as to the accuracy and completeness of the sale catalogue.
• If in doubt or you have any queries don’t be afraid to address these through a member of our staff.
• It will be assumed that you have read and considered the conditions of sale and any other relevant documents you are interested in before the time of the auction, and that you have shown them to your professional advisors and taken their professional advice before bidding.

At the auction

• If you are completely new to auctions make time to go to other sales so that you can become familiar with the bidding process. Our clients have many different ways of signalling a bid, and all that is important is that your interest is made known to the auctioneer. Don’t worry about the possibility of accidentally having a bid taken when it was not intended, as our auctioneers are very experienced, and as well as the normal signal are looking for eye contact.
• When the auctioneer considers there are no higher bids, he will close the process, normally by banging a small hammer on his rostrum and will confirm with you if you are the successful bidder. If you are the successful bidder, you will then be asked to sign a contract and pay a 10% deposit. This process is completed in the sale room. Remember also if you bid at the auction you will be personally liable in respect of any accepted bid.
• You are at risk of losing the deposit paid on a lot, and at risk of the seller taking legal action against you for breach of a contract, if you fail to complete your purchase of the lot.
• Personal cheques are usually acceptable for payment of deposits.
• Guide prices are issued without responsibility, and purely as an indication of the level at which it is expected the vendor will set the reserve price prior to the auction. It is possible that the sale price on the day will vary from the guide price depending upon market activity.
• If you are unable to attend the auction you may be able to bid by proxy or telephone, and full details will be provided by our auctioneer.

Selling property by auction

Valuing your property

• Within our property department we sell a wide range of properties, ranging from modest cottages to fine country homes
• A member of staff will be pleased to visit the property you are proposing to sell, both to advise as to the auction process and also to assist in determining its value.
• Selling by auction can be particularly valuable, where for example Executors or Trustees need to be particularly transparent, or where for special reasons it is difficult to establish a reliable value. Auctions can also be helpful when it is important to bring a sale to a definitive conclusion – when the hammer falls the property is effectively sold.

When you decide to sell

• Prior to marketing it is important that our commission rate is agreed with you, together with any recoverable costs for advertising and the production of brochures. Bear in mind also that these rates are also subject to VAT.
• Prior to marketing we will be pleased to agree with you sale particulars, and a marketing programme that gives you the opportunity to achieve the very best price possible.
• Normally a property will be marketed for between four and six weeks depending on circumstances, and the sale particulars also include a guide price agreed with you.
• Throughout the marketing period we will keep in touch with you on a regular basis, both to monitor interest and agree any extra initiatives that might be appropriate.
• It is always hoped that vendors will attend the sale of their auction property, both as a matter of support and interest in the selling process.

We hope that this brief property auction guide is of help to you, and remember we are always on hand to give you any support that you may need. You can make contact either by visiting our offices in Hereford or Builth Wells or by telephoning 01432 343800 for properties in the Herefordshire area, and 01982 553614 for properties in the Builth Wells and Mid Wales area. Whether you are a buyer or seller, we do hope that your auction experience with us here at Brightwells is enjoyable and fruitful. If you are unable to attend the auction you may be able to bid by proxy or telephone, and full details will be provided by our auctioneer.