Prior to bidding or making an offer, have you
Arranged finance?
Organised your deposit?
Commissioned a pest inspection, if required?
Obtained a copy of the contract and fully understand it or have received advice on the terms and conditions from your solicitor?
Calculated all costs i.e. Stamp duty and legal fees.
In some case the owner may consider an offer prior to auction. You need to be aware that any offer of this nature it is made under auction conditions and if accepted it will require an immediate unconditional exchange of contracts prior to the property being taken of the market. Your offer will need to be submitted in writing on the contract document, attached with your agreed deposit and cooling off certificate from your solicitor.
Inspect
Properties are usually open a minimum of 30 minutes prior to auction, so it’s a great idea to have one final look.
Register to bid.
Ensure you bring ID. It’s a good idea to register before the start of an auction. If you are running late, don’t worry you can register right up until the fall of the hammer.
Bidding
Make sure your bidding number is visible to the auctioneer when you make a bid.
Know your limit
Always ensure you bid to what you can afford. Know your maximum. Auction day can be stressful and this can stop you from getting carried away.
If the property has reached reserve price and you are the final bidder – Congratulations, you have bought the property. All that is left to do now is sign the contract, pay your deposit and celebrate. Note: There is no cooling off period.
If the property has failed to reach reserve and you are the highest bidder, you will generally have the first right to negotiate under auction conditions (as above) with the owner and the agent.
If the property is passed in and immediate negotiations do not reach an agreement, the property will generally be placed on the market for private treaty negotiations at a price instructed by the seller.
If you have any further questions we are more than happy to discuss these with you.
