The main attraction of buying at auction is that you avoid the conventional drawn out process of house buying. At auction it’s condensed into a matter of minutes rather than months and when the hammer falls, you own the property. If you are looking to buy at auction then it’s advisable to contact an auction house to request their sales catalogue. This will provide you with a list of properties available to bid on. This will allow you to identify the properties you are interested in buying and will enable you to visit the same prior to the auction date.
It is extremely important you read the conditions printed in the catalogue as the auction process is completely different to the normal house buying process. You must ensure you know as much about the property as possible and have made all enquires before the auction date. You must also ensure you can financially commit to the purchase. On the auction day its normal to pay a 10 deposit with the balance of 90% in the next 28 days (sometimes less). If you fail to complete within the stipulated period as defined in the conditions you stand to lose your 10% paid.
When selling at auction we can prepare the auction pack on your behalf. We will obtain your title deeds and prepare the special conditions of sale to be published in the auctioneer’s catalogue. In order to encourage as much interest as possible from potential purchasers, it is important that a full legal pack is prepared and delivered to the auctioneers at an early stage.
Be aware that buying at auction is a binding commitment and carries the same legal implications as a signed contract by private treaty. In most cases, auction offices have copies of legal documentation provided by the seller’s solicitors which can be sent to you. We offer a service whereby we can check the legal title documents BEFORE you bid and ultimately commit to your purchase.
Remember when the hammer falls you are committed to buying the property!