Buying With Auction Agent
On the day of the auction, if you are able to attend, you can bid in person.
On arrival, make sure you have your proof of ID and address as without these you will not be able to register to bid.
Make sure you collect a copy of the addendum sheet once you have registered to bid, in case there have been any final amendments to the lot(s) you wish to bid on. These could relate to the property being sold prior to auction, being withdrawn, subject to change or a change in the guide price. Make sure that you understand any updates relating to the property for which you are bidding.
One of our auctioneers will begin with initial comments and announcements. It is therefore vital that you arrive on time so that you do not miss any information relevant to the lot(s) you are interested in.
The Auction Agent team will be on hand to deal with any queries you may have. If you have time, prior to the auction commencing, you will have an opportunity to go through the legal pack for the property you are interested in, should you wish to do so. Remember, we are here to help and make your experience as enjoyable as possible.
Why buy through Auction Agent?
In recent years traditional auctions have been perceived as one of the best methods of purchasing property. There are many benefits to buying at auction, both for the experienced investor or those who are new to the property scene:
Incredible value for money: This is because the entire bidding process is made completely transparent; it is not possible for the winning bidder to pay a substantial amount over the second highest bidder.
Fast, secured and assured: Auctions take up to four weeks to complete, whereas estate agencies may take months. No time is wasted in traditional auctions. The highest bidder wins as soon as the hammer falls, after which they would have entered into a legally binding contract to purchase the property.
Wide variety in property types and values: There are generally a wide range of properties within an even wider range of property values to bid from. All property details are made available for assessment in our bi-monthly auction catalogue or from our website.
Flexible and Convenient: Traditional auctions offer various ways for bidders to participate in the bidding process to further increase the convenience and ease: by proxy, by telephone and online (in certain circumstances).
The Auction Process
You would be provided with a bidder’s number upon registration. Please make sure you raise your hand or number on time so that the auctioneer can see you clearly.
You would have automatically entered into a binding contract if you become the winning bidder for a lot. You would then be guided by one of the auction team to sign the Memorandum of Sale.
We will require the bidder’s name and address, the buyer’s name and address (if this is different from the bidder) and the solicitor’s details who will be acting for the purchaser. We will also require a cheque, card payment or bank transfer for the deposit, which is generally 10% of the purchase price (please refer to the Common Auction Conditions) plus the buyers’ premium and made payable to Auction Agent. We are unable to accept cash so please ensure that there are sufficient funds within your bank account.
Furthermore, we will require two original forms of identification in order to comply with the Money Laundering Regulations 2007.
Finally, we will forward a copy of the memorandum of sale and any other relevant documents to your solicitor upon signing.