Symonds & Sampson's Guide to Selling at Auction

June 2020

Symonds & Sampson's Guide to Selling at Auction

Symonds & Sampson are the market leader for residential, agricultural and commercial auctions in the South West. We auction properties in Dorset, Devon, Somerset, Wiltshire and Hampshire.

When advising on sales, we will always consider whether a property is more suitable for sale by auction, by private treaty or by tender. Our auction and private treaty/tender departments effectively work as one team, ensuring that advice is always impartial, professional and carefully considered.

What do Symonds & Sampson Auctions offer?

• On-line access to over five websites
• A full colour catalogue that can also be downloaded from our website
• Advertising every week in local newspapers and additional papers, national/trade journals where appropriate.
• An average success rate approaching 95%, i.e. the strong likelihood of a sale on sale day or just after.
• The peace of mind that the property will be offered in a professional manner from an auctioneer with years of rostrum experience unrivalled in the South of England.
• An auction team who understands this discipline and who are available to talk to prospective buyers.
• Weekly reports on sales progress and legal packs that are available to be downloaded 24/7 from our website.
• The knowledge that with a realistic reserve price the property will achieve the best possible price on sale day.
• Symonds & Sampson have been recognised as the leading firm of auctioneers in the West Country, as shown in the statistics from the Essential Information Group and can provide an unrivalled exposure to the market with sales covering five counties; Dorset, Somerset, Wiltshire, Hampshire and Devon with at least 10 auctions each year.

1)  Entering your Property in an Auction

When do you want to sell? Decide when you want to market your property and which auction you would like to be in. Provisional sale dates and venues can be found on our website. To contact Symonds & Sampson, ring your local office or the main auction centre on 01258 473766 and we will arrange to come out and give you a free auction appraisal.

2)  The Appraisal

The auction appraisal will be without obligation. We will give you impartial professional advice on whether we think your property is suitable for sale by auction. Advice will also include discussion on the reserve and guide price. The agreement includes the commission, if it is sold at auction, sold before the sale or after the auction; and it will also set out any other charges and whether and when you are liable for them.

3) The Auctioneers Conditions of Sale

You should refer to the RICS Common Auction Conditions which are obtainable from Symonds &Sampson LLP office, from our website or from the RICS.

4) Auction Particulars

Draft sale particulars will be sent to you and your solicitor for approval and/or amendments. At the same time, your solicitor will be requested to prepare a legal pack containing the special conditions of sale, title documents, leases where applicable, searches, planning documentation and office copy entries so they are ready for despatch to interested parties.

The auction particulars may form part of the auction contract including plans and photographs of the property, which must be as up to date as possible. Particulars must be factual and accurate and comply with the Property Misdescriptions Act 1991. You must liaise with your solicitor to make sure you have revealed anything that could affect the sale of the property, e.g. public health notices, local land charges, notices of arrears, rent, service charges or disputes. The marketing period starts 5-6 weeks before a sale with the publication of on-line and printed catalogues.

7) Guide Price and Reserve

Guide Price - The Guide Price is an indication of the seller’s current minimum acceptable price at auction. It is given to assist consumers in deciding whether or not to pursue a purchase. It is usual, but not always the case that a provisional reserve range is agreed between the seller and the auctioneer at the start of marketing.

As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the auction in the light of interest shown during the marketing period, a guide price is issued. A guide price is different to a reserve price (see below). Both the guide price and the reserve price can be subject to change up to and including the day of the auction.

Reserve Price - Reserve Price is the seller’s minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction. The ‘Reserve Price’ may exceed the ‘Guide Price’ listed. If so, it is customary for the ‘Reserve Price’ to exceed the ‘Guide Price’ by no more than 10%.

5) Viewing

Potential purchasers will want to view your property during the marketing period and have a survey carried out. We usually try and organise pre-arranged viewing days for this, which we would ask potential purchasers to check with us first in case there has been a change in the dates or times. For people wanting a survey, separate appointments can be made. Details are printed in each catalogue.

8) Proxy Bidding

A buyer may submit a Proxy form whereby they will ask the auctioneer to bid up to their price limit on their behalf. This figure will remain confidential between the auctioneer and the bidder as will the identity of the bidder if they are unsuccessful.

9) Keeping in Touch

While the auction properties are being advertised Symonds & Sampson will keep you informed about the level of interest in your property and whether you receive any offers prior to auction.

10) Auction Day

At the auction, when the hammer comes down it signifies a binding contract. The auctioneer, his clerk or your solicitor will sign the memorandum of sale with the buyer and collect the deposit. The completion date is 28 days after the auction unless stated otherwise.

11) Come along to an Auction

If you have not sold at auction before, you may want to attend a Symonds & Sampson sale. The atmosphere in the room can be extremely exciting and competitive and the prices achieved can often be higher than those achieved by private treaty. Come along and see how we work for you.

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