News - Buying at Auction.FAQ
"Oh,but property auctions are only for builders aren't they?"........
NO this is not the case. Buying by Public Auction is not as difficult or as daunting as you may imagine and is not a privilege reserved for the so-called "cash" purchasers.
A Public auction is just that - open to all comers. We, as established independent Auctioneers and Estate Agents, actively encourage enquiries from members of the general public as well as from professionals.
"Why do vendor's sell by Public Auction?.......
To ensure the best possible price is realised, and to be seen to use every reasonable effort in achieving this end - very important, particularly where executors are acting upon a deceased estate. Furthermore, sale by Auction eliminates the delays and uncertainties often experienced during conventional Private Treaty transactions where problems of finance or "chains" can cause a sale to falter or collapse.
"What type of property is sold by Public Auction?........
Primarily those, which for a variety of reasons, are expected to attract competitions from prospective buyers, i.e. properties in need of updating or suitable for conversion or of special interest.
"What advantages are there to me of considering a purchase at Public Auction?"...........
Unlike many Private Treaty sales of "speculative" property, every prospective purchaser attending a Public Auction has equal opportunity to buy, provided the necessary funds are available to them.
The highest bid on the day (if this exceeds the reserve price set) will secure the property, thus avoiding the threat of "gazumping" or change of mind on the vendor's part.
"How do I go about it?"........
Firstly, make your inspection and decide if the particular property is what you are looking for. If so, agree in your own mind the price up to which you are willing to bid. We are happy to provide guide prices on any lot being offered.
Should your purchase be dependent upon the sale of your present home you will need to arrange a sale of this, or to agree a 'bridging' facility with your bankers.
If reliant upon mortgage finance only, you will need to submit an application to your building society or bank who will inspect the property and issue an offer of a loan, subject to their conditions.
Once you are satisfied that your finance arrangements have been concluded you will be in a position to attend the sale.
Prior to bidding you should appoint a firm of solicitors to act on your behalf. They will carry out the usual preliminary enquiries and advise you generally if there is any point you are uncertain about.
Legal packs are available in our office, usually containing contract of sale, local searches, property information form, lease details etc.
"What happens on the day of the sale?".........
Each lot will be offered in accordance with the order of sale shown in the catalogue.
Should yours be the highest bid upon any lot at the fall of the Auctioneer's hammer (and provided the reserve price has been met) you will be deemed to be the purchaser and will be asked to sign a contract of sale immediately and pay a 10% deposit. Standard completion(subject to variation) takes place 28 days following the sale date, at which time you will pay the balance of the purchase monies and be given possession of the property.
"...the estate agents went above and beyond their expected duties and persisted with an extremely time-consuming [project] where others would not..."
7 Clarendon Road, Southsea, Portsmouth, Hampshire PO5 2ED
Tel: 023 9286 4321
Fax: 023 9229 5522
David Nesbit FRICS FCIArb
Chartered Surveyor, Chartered Arbitrator, Auctioneer