Viewings are now underway for our December auction and we have lots of different opportunities throughout the price ranges in Norwich and Norfolk to whet the appetite.
Readers will be interested to see what we have available this year for what is our last auction of 2015.
We are delighted to have 16 lots, with investment opportunities including garages and houses in Norwich, land, cottages and larger properties in need of renovation in the county.
As the auctioneer, I like to see all the properties before the sale and we find that viewings are the best way to get a feel for what the market is doing and what people think. Trevor Blythe is equally busy and together we have spent much of the week out and about and it certainly helps us when we have to give appropriate feedback to our clients as well.
All the properties have had activity this week, which is encouraging, and anyway it is always good to meet people and talk about their requirements and their dreams!
Seasoned buyers at auction usually know the ropes but many people only attend once to buy at auction and it occurred to me that it would be helpful to give a reminder of what to do and how to think prior to any sale.
- Obtain the catalogue. This may seem simple and obvious, but you do need to look at the details of how auctions work and our approach very carefully. The detail is important and the general remarks and stipulations and auction conditions of sale set everything out very clearly.
- Inspection. Clearly, no-one will buy unseen, although some developers do but if you like a property then we always recommend instructing a surveyor to provide advice not only on structure but also potential value and professionals usually give advice about strategy and how best to proceed as well, which is a good thing too.
- Look through the legal pack. This will deal with anything relating to boundaries, title and any other consents or important matters.
- Agree a strategy for the auction day including what to pay and remember availability of finance is paramount. 10% of the sale price is payable at the fall of the hammer, with completion usually taking place 28 days thereafter and sometimes earlier, although sometimes Christmas gets in the way as far as our December auction is concerned.
- If successful, be prepared to insure the property at the fall of the hammer.
We are always available to help and buyers’ solicitors will also help with the whole process in any event.
Auctions are a great way of buying and selling and I hope these reminders are helpful. Do please give myself or Trevor Blythe a ring if you have any queries or want us to inspect a property that could be suitable for this method of sale.