Latest News

View All Categories...

The Buyers Guide to Property Auction

Check which method the property you are interested in is being sold under

Properties can be sold under two methods; the modern or traditional method.


 

Modern Method

The successful purchaser is required to pay a reservation fee /deposit and sign a reservation form. The buyer reserves the right to unconditionally exchange contracts on the property at an agreed price within 28 days and complete 28 days thereafter.

Traditional Method

Contracts are exchanged immediately, with completion taking place within the next 28 days. Complete security is provided but this method is more suited to the property professional. We will require a 10% deposit paid on a non refundable basis and in some cases a reservation fee as well.


Check if the property is subject to a reservation fee or deposit


Reservation Fees

If a reservation fee is due, this will be clearly shown on the specific terms and conditions on the individual property page. You should check if a reservation fee is due before bidding on any property. Sales are subject to a reservation fee which covers our costs, (unlike traditional property transactions where the seller pays the fee). This is a percentage of the final selling price, and is in addition to it. The reservation fee reserves the property for the buyer and must be paid at the end of the auction by the successful bidder. If the sale falls through due to an act of the vendor the reservation fee will be refunded in full.

Deposits

If a deposit is due, this will be clearly shown on the specific terms and conditions on the individual property page. This is paid at the end of the auction and is held in a secure client account until exchange of contracts takes place. The amounts can vary on properties, so please check the terms and conditions.

Buyer Information Pack Fees


Buyers will be required to pay for the preparation of the Buyer Information Pack. The cost is &166.67 + VAT (&33.33) = &200


Buyer benefits



1. A quick & easy bidding process

Buying a property through our auction couldn’t be easier. You can bid from your desk, from the comfort of your home, 24 hours a day, 365 days a year.

2. A wide range of properties

Auction provides buyers with the opportunity to purchase realistically priced properties quickly and easily. All of the properties advertised through our property auction are offered by committed sellers at realistic prices. Many properties are vacant with no onward chain.

3. A secure transaction

The auction method also gives transparency for both buyer and seller as the sale is in the public domain so the fear of gazumping or re-negotiation is completely removed.

4. You can even buy with a mortgage


Depending on which auction option has been selected, you will have between 28 – 56 days to complete on the property. If you are purchasing through the Modern Method of Auction there is usually enough time to purchase with residential auction finance.

To view our auction properties please click here!


Published in: OCTOBER NEWSLETTER

Bookmarking: