Step by Step Guide To: Buying and Selling at Auction
Step by Step Guide To: Buying and Selling at Auction
helpful
tips and
advice
3-4
preparing to buy
5-6
7-8
jargon buster
A handy list of terms and phrases.
10
preparing to buy
People buy at auction for lots of reasons, they might want
to move quickly or they could be looking for a repossessed
property, a plot of land to build on or quite simply they
want a quick purchase without the risk of gazumping.
They may also want something a bit
unusual, the type of property not usually
sold traditionally through an estate agent.
Buy-to-let investors also buy properties at
auctions, as they have a full range of
investment opportunities to choose from
and they can purchase quickly. It doesnt
matter what your reason for buying at
auction is, the key to success is preparation.
where to look
There are lots of places you can start
looking, the Internet, property
supplements, regional and local papers and
by contacting auction centres. The auction
centre can add you to their mailing list and
you will be sent a copy of the auction
catalogue which lists all of the properties
for sale. Youll be one of the first to see it
and it will give you plenty of time to
complete your enquiries before the auction.
your deposit
bidding
Before bidding begins, the auctioneer will
check that everybody has a copy of the
Addendum or Announcement sheet and
will read out any last minute alterations to
the catalogue details.
When the property you are interested in
comes up, make sure you know the
maximum price you can afford to pay - its
easy to get carried away!
Once bidding begins, potential buyers will
be asked to make their bids clearly either
by raising their hand or a copy of the
bidders card. And dont worry you cant
accidentally buy a property just by
scratching your head!
tip
On arrival, check to see if there have
been any late changes to the lots,
just ask for a copy of the Addendum
and Announcement sheet.
jargon buster
When youre attending an auction for the first time, it can
feel like you need to learn a whole new language. But, by
brushing up on a few key terms, youll fully understand
what is happening both before and on the day.
> bid - the amount that someone (the
bidder) offers to pay for a property at
auction. The auctioneer often controls
the amount by which bids increase
although bidders can suggest a different
amount if they wish.
> completion - when the full amount
has been paid and the transfer signed.
> entering a property - the term used
for putting a property up for sale at
auction.
> exchange of contracts - the fall of the
auctioneers hammer or gavel means
that contracts have been exchanged.
> gavel - the hammer the auctioneer
uses to close the bidding on a lot.
> general/special condition of sale these are legal papers that are attached
to and form part of the condition of sale.
There are different special conditions of
sale for each and every lot.
> guide price - provides an indication of
the level at which the reserve may be set,
but the guide price should not be relied
upon as a valuation or assessment of
value. The eventual sale price can be
above or below the guide price.
> joint auctioneer - generally a local
estate agent who will show people
around the property and provide local
knowledge.
10
contact us
Barnard Marcus
Bagshaws Residential
The Glassmills
322B King Street
Hammersmith
London W6 0AX
38 Cornmarket
Derby
Derbyshire DE1 2DG
William H Brown
38 High Street
Bawtry, Doncaster
South Yorkshire DN10 6JE
T 02380 338066
E [email protected]
T 01302 710490
E [email protected]
William H Brown
covering East Anglia and the Midlands
5 Bank Plain
Norwich
Norfolk NR2 4SF
T 01603 598 975 or 01603 598 977
E [email protected]
www.sequencehome.co.uk
RESI/SEQ012/13
SEQ002196D