Guide to Buying at Auction
To many people (both private and professional), the idea of purchasing a property through auction is not one to be entertained. However, we believe that buying a property at auction can be a simple and clean-cut process that is open to a wide variety of purchasers.
Here at Earles, we hold monthly Land and Property auctions during the spring, summer and autumn months. All auction dates are available on our website, together with the results of previous auction sales. Each auction contains no more than about twelve lots, usually with a mix of both land and properties, which allows us to provide a full and thorough service to the individual needs of each client and buyer.
We advertise our auction lots six weeks in advance of the auction date in the local newspapers, our own website as well as other various property websites including Rightmove. If you require details to be posted or emailed to you, then please feel free to contact our office (01564 794 343 or firstname.lastname@example.org).
Viewings: Where properties are concerned, it is usual practice to conduct block viewings (by appointment) at each property. These are set up to allow as many people to view as possible within a designated timeframe. With parcels of land, it is usual practice for potential purchasers to view unaccompanied but you must have a set of our sales particulars with you at the time.
If you are interested in an auction lot and decide that you would like to bid at the auction, please advise us as we can then update you of any amendments that might affect the sale of the property or changes in the guide price prior to auction.
Professional Guidance: You will need to appoint a solicitor and it may also be in your best interests to obtain a professional survey on the property prior to the auction. for your own peace of mind.
Legal Pack: Each auction lot is offered with a “legal pack”, this is prepared by the vendor’s solicitor and contains the following – Title information; searches; leasehold/freehold documents and the sales contract. You can find the vendor’s solicitor’s contact information on our sales particulars.
Finances: Your finances will need to be in place prior to the auction. If you are successful then you will be required to pay a 10% deposit on the fall of the hammer price, as this is officially when contracts are formally exchanged. At Earles, we usually set the completion date to 28 days after the date of the auction.
Insurance: In general, the insurance of a property becomes the buyer’s responsibility on the fall of the hammer so you will need to have arrangements in place prior to the auction.
Other Costs: At Earles, we DO NOT charge a “buyer’s premium” and there are no other costs payable by the purchaser except for the usual fees associated with the purchase of a property such as Stamp Duty.
MOST IMPORTANTLY: If in doubt then do not hesitate to get in contact with us. We have been auctioning land and property for over 85 years and are very happy to assist and advise you in this process.