There are many advantages, two of these are:
An auction demonstrates free and fair competition enabling the purchaser to buy at a price that is fairly achieved against other known bidders.
If you are the successful bidder you know that the vendor cannot withdraw and the property is yours on completion, which usually takes place 28 days after the auction.
YES. It is essential that you view and know as much as you can about the property prior to the auction. Local searches and copies of further legal documentation can be obtained from the auctioneers or direct from the Solicitors named in the brochure. To view outside of the specified times contact the auctioneer's office.
BIDDING at auction is like a sport. There are competitors, spectators, an umpire, game plans, and in the end, there are winners and losers.
It isn’t as easy as turning up with a price limit in mind and calling out some numbers. There is actually a lot more strategy, endurance and psychological tricks involved, reveals Damien Cooley of Cooley Auctions.
valuation carried out by the Building Society is only required should you need a mortgage. Again, this and any other financial advice or arrangements must be organised well in advance of the auction day
Anyone who is unsure or has doubts about a property is recommended to have a survey carried out. The auctioneers will be pleased to recommend firms of Surveyors/Valuers to you. Surveys should be arranged well in advance of the auction day
A guide price gives you an indication of the price that the property is expected to sell for and what the vendor is hoping to achieve. The guide price will have been set at the commencement of marketing and may change. A reserve price is the lowest price the vendor will accept at the auction. This is agreed between the vendor and the Auctioneers. ALL most properties entered into the auction have a reserve price. THIS IS CONFIDENTIAL AND NOT DISCLOSED TO ANY PARTIES, UNLESS OCCASIONALLY A “DECLARED RESERVE” IS PUBLICISED.
It is important that you have all finances ready for the day of the auction. Should you be the successful bidder a 10% deposit will be required on the day subject to a minimum of £3,000. This may be paid by Building Society cheque, personal cheque, banker’s draft or debit card. The balance + any agreed disbursements will be due on completion, normally 28 days from the auction date. The deposit cheque should be made payable to Boultons Harrisons Limited, as agent for the seller. The deposit will be used to satisfy the auctioneer’s commission with the balance paid over to the vendor’s solicitor upon completion. Successful bidders will also have to pay the BUYERS ADMINISTRATION CHARGE, currently £600 including VAT, prior to signing the Contract. Cheques may be presented for Special Clearance the day following the Auction.
In the event of the Buyers Administration Charge not being paid at the auction then the auctioneer is authorised to take this administration charge from the deposit paid. The balance then to be paid on completion will, therefore, be increased appropriately.
No. It is wise to notify your solicitor of the auction and show them the auction catalogue along with any other information about the property you are interested in. Your solicitor may obtain copies of the legal documentation on your behalf. All the necessary legal documentation may be inspected from 7 days prior to the auction. Documents may be available by e-mail.
Firstly, remember to call the auctioneers office on the DAY of the auction to see if the property you wish to bid on has been withdrawn or sold prior. Have details of your solicitor's name, address and telephone number. Your 10% deposit and administration fee. Do not forget to bring along your photo ID such as Passport or Drivers Licence
When the hammer falls, if you have made the highest bid, you are the successful bidder, subject to any reserve price having been reached or exceeded. You are now bound by contract to buy the property. The auctioneer’s assistant will ask you for your details. A member of staff will take you over to the solicitor’s desk to sign an Agreement/Memorandum of Sale. You will be asked to pay 10% of the purchase price and the Buyers Administration Charge of £600 including VAT and sign a Contract. The Auctioneer will sign the Contract on behalf of the vendors.
You MUST register on or prior to auction day in order to bid. At registration, you must show us certified funds, made payable to yourself in the amount listed in auction terms. If you are the high bidder, then you will sign endorse the certified funds over to the Escrow Attorney.
Nearly all auctions we handle are held via an open bidding process. As a bidder, all you need to do is hold up your bidder card and call out your bid, or tell one of the Bidder Assistants what amount you want to bid. The Bidder Assistants are available to help you and will be roaming the floors during the auction.