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Aide Memoire to buying and selling at auction

The auction process continues to gather momentum in our region, with and more buyers and sellers alike seeing this option as a means of unlocking value and making things happen over a short time frame. 

For sellers the obvious advantage is that they get a sale quite quickly, usually within a six week period following advertising, but subject to realistic assessment. 

For buyers there is the opportunity to act in a decisive way on the day of a sale to secure a property. Brown & Co have been holding auctions in the city for many years. No two sales are same and we are all still get a thrill out of attending a sale, with all the hustle, bustle and excitement, etc. 

It is perhaps worth reminding vendors and those interested in the process how it all world:-

1) We inspect without obligation to see whether or not your property would suit an auction sale. 

2) We provide marketing advice with an indication of initial guide price and where any reserve may be set when the time comes. 

3) When instructed we then include the property in an auction catalogue with photographs, information to include description, location, condition, EPC, floorplans where relevant and OS plans. etc. 

4) We advertise the property widely locally in the Eastern Daily Press and on our website and on OntheMarket and Rightmove as well. 

5) We usually hold open days and these involve our representatives being at the property at least twice a week over a six week period to show people around. As auctioneers we try and attend as many of these as we can to get a feel for what people think about the properties on offer. 

6) We liaise with our clients over the entire period to ensure they have a flavour of what people think about their property. 

7) We agree a reserve just before the sale and then offer the property for sale on the day subject to a reserve price. 

8) Buyers should remind themselves that 10% of the purchase price is payable at the fall of the hammer, with completion usually 28 days later. 

9) Buyers should remember they are responsible for payment on the day and they need to organise their finance!

10) Buyers are also responsible for providing proof of identity in respect of money laundering regulations and payment of an administration charge to the auctioneers. 

The beauty of an auction sale is that there is a start and a finish date, which many people like, and we are always available to provide further information to those people interested in this approach.