The process continues and it seems amazing that we are now only a week away from our summer sale. As we said in our last article, we are pleased to have had the opportunity to offer property for sale throughout the city and county and hope very much that we will be successful next week.
Plenty of viewings have been taking place and everyone has been making a great effort to get people around the houses. Readers will imagine what fun it has been taking a boat across to the island in Thorpe that we are selling twice per week: apart from this week the weather has been good and it has been a great pleasure to show people around this special place.
In our last article we looked at some of the things buyers need to do in the weeks running up to the sale, including research, inspection, getting a survey carried out and looking at potential value, etc.
In this article we look at some of the more important items that must be covered as you prepare for the sale.
Now is the time in the week leading up to the sale that we talk to people in great detail about their interest and try to answer questions to the best of our ability. Transparency is vital and we always refer buyers to their solicitor where there are particular legal queries. Here are some of the questions we have to deal with.
Special Conditions of Sale. These form part of the auction legal pack and are produced by the solicitors. They deal with legal matters, including title, tenure and completion dates. They may refer to planning matters where relevant and certainly set out the detail regarding covenants, etc. Buyers need to look these through carefully and liaise with their solicitors.
Guide Prices and Reserves. The guide price is different to the reserve. Each lot at auction will be sold subject to a reserve price but this will be set just prior to the auction. Guide prices are provided as an indication only of the anticipated sale price and can be subject to change.
Withdrawal of Lots. Prospective purchasers should always check on the day of the auction that the property they are interested in has not been withdrawn. Auctioneers reserve the right to withdraw any lots prior to sale: this can happen when there are problems regarding title or otherwise.
Easements or Rights of Way. Properties will be sold subject to and with the benefit of all easements and privileges that may affect the property.
Deposits and Insurance. Buyers need to be aware that a deposit of 10% of the purchase price is usually paid at the fall of the hammer at auction. Also, buyers need to provide proof of the identity in the form of a photo driving licence or valid passport, together with proof of address. Successful bidders need to know that they are responsible for buildings insurance at the fall of the hammer.
The Catalogue. Anybody interested in attending an auction and bidding should read the catalogue through carefully including the general remarks and stipulations and the general conditions of sale and come back to us, the agents, with any queries so they are ready, willing and able to perform on the day!
The list continues but we always do our best to answer queries and refer interested parties to other professionals where relevant.
We will continue to work hard between now and the auction, dealing with queries and helping people with their enquiries.
If you have any further thoughts or questions, or would like an inspection of your property, please contact either myself or auction manager, Trevor Blythe.