Stratford-upon-Avon Property Auctions

Belvoir Stratford-upon-Avon Is Proud To Partner With Nationwide Property Auctioneers, Whoobid.
In today’s digital age, we have teamed up with Whoobid to modernize the traditional auction process by moving everything online. Below, we explain the essentials of property auctions.

Book Valuation

Why Sell Your Property Through Auction?

For many, auctions present a more effective method for selling property. Auctions typically offer a faster and more secure selling process. They come with fixed timelines for buyers to exchange contracts and complete the purchase. The auction process is often perceived as more legally binding compared to conventional market sales. Additionally, auctions can be particularly beneficial for properties that are difficult to value precisely, as they can help achieve the property’s true market value.

Step-by-Step Guide to How a Property Auction Works

By following these steps, you can navigate the property auction process smoothly and effectively.

    • We will assess your property’s value.
    • Collaborate with our auction team to create a tailored marketing strategy.
    • Discuss Guide Prices and Reserve Figures with you.
    • Gather detailed property information and take professional photographs.
    • Create brochures and all necessary marketing materials.
    • Arrange for an Energy Performance Certificate (EPC) if required.
    • Engage solicitors to compile your Auction Legal Pack for a fixed fee.
    • Solicitors will communicate directly with you to address any questions.
    • Confirm the expected date for the Final Auction Pack, including all required searches.
    • Once the Final Auction Pack is ready, set an auction date.
    • Begin marketing your property through online portals and our internal client database.
    • Arrange viewings for prospective bidders at your property.
    • Conduct group viewings based on the level of interest.
    • Interested parties can download the legal documents online for free before the auction.
    • The auction will run for three hours on the specified day and time.
    • Bidders can place their offers on the property.
    • The auction will extend by three minutes if a bid is placed in the final minute to allow counterbids.
    • If the reserve price is met, the successful bidder is bound by the auction terms.
    • For a traditional auction, the exchange occurs instantly, with completion within 28 days.
    • For the modern method, the successful bidder is granted an exclusivity period of 28 days to exchange contracts.

Understanding the Difference Between Traditional and Modern Property Auctions

Traditional Property Auction

When you think of an auction, the traditional method is likely what comes to mind. In this process, the property is sold to the highest bidder, with the exchange of contracts occurring immediately when the auctioneer’s hammer falls. The completion of the sale typically follows within 28 days.

Modern Property Auction

The modern property auction also takes place online but differs significantly in its process. Unlike the traditional auction, the property does not exchange hands immediately when the auction ends. Instead, the winning bidder enters into an exclusivity agreement, granting them 28 days to exchange contracts. This approach is particularly beneficial for buyers needing time to secure mortgage financing, broadening the pool of potential bidders beyond just cash buyers.

Key Points

  • Traditional Auction: Immediate exchange of contracts upon auction end, with completion in 28 days.
  • Modern Auction: Winning bidder enters an exclusivity period of 28 days to exchange contracts, accommodating those requiring mortgage financing.

In both auction types, the winning bidder must adhere to the auction terms, and the Buyer’s Premium is payable.

Belvoir Stratford upon Avon Team Up With Nationwide Property Auctioneers Whoobid

Our Whoobid contact is:

Daniel Jacobs BSc MNAVA
Head of Business Relations
M: 07756 620910
E: djacobs@whoobid.co.uk | www.whoobid.co.uk 
Avalon, Eighth Floor, 26-32 Oxford Road, Bournemouth, BH8 8EZ