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Buying at Auction

THINKING OF BUYING AT AUCTION?

It can be very exciting bidding at an auction, here are some of the facts to help you. e-mail us at auctions@richardwatkinson.co.uk with any other questions.

BIDDING

Bidding at an auction is a contractual commitment and before making a bid buyers are advised to consult a solicitor about the legal documents and any special conditions of sale.

When the hammer falls the purchaser (buyer) is deemed to have bought the property and will by auction law have entered into a contract to buy. There is no going back as legally the auctioneer can sign the contract on behalf of the seller and the buyer immediately after the fall of the hammer.

Any financial arrangements such as a mortgage need to be put in place prior to the auction as 10% of the sale price is payable on the night with the balance payable 28 days later.

In the event that you cannot get to the auction on the day, you may discuss special arrangements for bidding by proxy or telephone. (see our on line catalogue for the forms)

RESERVE PRICE

Ever wondered why some properties appear not to sell when there were buyers bidding?

Each property is likely to be sold subject to a reserve price. Unless disclosed within the catalogue the reserve price is a confidential figure set between the seller and the auctioneer. It is a figure below which the auctioneer cannot sell the property.

SOLD BEFOREHAND OR WITHDRAWN?

Properties will be offered for sale on the night of the auction unless they have been withdrawn or sold privately beforehand. A seller may accept an offer prior to the auction. If you intend to bid for a particular property to avoid a wasted journey it is worth checking with the auctioneers office that the property is still in the auction. You can of course always put a bid in yourself prior to the auction

PROOF OF I.D.

As with so many purchases now days to comply with THE MONEY LAUNDERING REGULATIONS 2004 if you are successful with a bid we will require proof of identity and proof of residence. You will need to bring for example your passport and a current utility bill along to the auction.

LEGAL INFORMATION PACKS

At least seven days prior to the date of the auction legal packs are available for inspection at the auctioneers office.

WE HOPE THESE FACTS ARE HELPFUL, WE LOOK FORWARD TO SEEING YOU AT OUR NEXT AUCTION