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Things to do before an auction

We are now halfway through our summer advertising campaign, with the auction set to take place on 28th June, so we are very busy arranging viewings and talking to people about all the various lots.  Our catalogue has now been uploaded to the website and is available for people to view and we are very pleased with the interest shown at what is, and ought to be, a busy time of the year.

By now we have firm interest in a number of the lots and rightly we tend to spend a lot of time talking to buyers about the sale, the individual properties and answering any queries they may have, etc.

Here are some pointers:-

1.Separate advice.  Whether a prospective purchaser is a developer or private individual, they should always seek separate advice prior to any purchase and preferably obtain a survey on the property prior to coming to one of our auctions.  It is important that buyers know everything they can about a property prior to bidding.  For example, there could be a problem with a boundary or a surveyor could identify a defect in the property that is very relevant and we always ask buyers to look at the legal documentation as well, which is available on our website.

2.Finance.  Buyers are responsible for raising finance if they are not a cash buyer.  Buyers should be aware that the contract is binding at the fall of the hammer and that they have to pay 10% of the purchase price at the time of the sale.  The balance is usually payable 28 days later.

3.Reserve Price.  The reserve price is set prior to the auction and is private.  Any lot will not be sold at a figure below the reserve price.  The guide price is issued at the outset to give an indication of the potential value on the day of the sale.

4.What should I pay?  You need to form a view yourself about what you are prepared to pay, or talk to your surveyor or adviser who will give advice and carry out the necessary research.  Our guide prices are an indication only of where a property might sell.  The job of the auctioneer is to maximise value and of course everything depends on the interest shown and what happens on the day.

5.What happens on the day of the sale?  Buyers should arrive early and remember to bring photographic identification and proof of address which is required under the Money Laundering Regulations.  There will always be an opportunity to ask questions and we usually advise that people attend the auction early to give themselves a chance to settle down and make themselves comfortable and prepare for the sale.

The auction process is an exciting one and we are available to deal with any queries and as we proceed to the sale at the end of June we hope that we will have a successful sale and look forward to continuing to help our clients with their property requirements.

Peter Hornor