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Tue 2 June 2020
Stags has been conducting land and property auctions in many of local towns since 1874, either in a suitable pub or hotel, where many farmers, land and property buyers would gather to purchase property or find out the local market or local gossip! These property auctions regularly occur and provide a quick, effective and transparent way to buy and sell property. However, due to the outbreak of Covid-19, it is unlikely this year we will return to public auctions being held across many of our West Country venues and we have invested in a new system in order to provide the same service, but offered with a modern twist.
We have just launched ‘Stags Online Auction’ which, again, provides an exciting and stress-free way of selling land or property on line through our website.
Due to be launched shortly, this auction will have two primary methods of sale:-
a). A traditional method where a sale is effective immediately at the end of the timed auction and the exchange of contract occurs, provided the reserve price is met or exceeded. The successful buyer is then legally obliged to complete the sale of the property in accordance with the contract. This operates in a similar same way to a live public auction.
b). The alternative, a ‘conditional online auction’ whereby the successful buyer pays a reservation fee at the end of the sale and then has 20 days from the end of the auction to exchange contracts and complete thereafter as detailed within the contract. This allows a buyer to have more time to arrange finance etc.
In both cases property particulars are prepared and a legal pack is made available from your chosen solicitor, which is available to interested parties online. Any sale is protected by an agreed reserve price which vendors have a chance to agree with the auctioneers, based on our property advice, and this is conducted with a marketing period of about six to eight weeks to allow people sufficient time to investigate and view the property.
We feel this will eventually continue to run alongside our traditional public auctions, but whilst we are unable to undertake these it provides a secure way to undertake an auction and retain all the advantages of competitive bidding which is so important.
George Alder, Head of Stags Farm Agency, comments “We have a number of land parcels about to be entered into an online auction and if you would like to discuss this further, please feel free to contact any of the Stags Farm Agents throughout the south west.”