Selling
• Heritage Professional Services will advise you if your property is suitable to sell at auction.
• If the auctioneer considers the property suitable they will discuss the procedure with you. Including likely sale price and reserve price, commission charged by the auctioneer and any other requirements.
• Always obtain a copy of the auctioneer’s terms and read them carefully.
• Instruct a solicitor who will obtain the title deeds and prepare the special conditions of sale required by the auctioneer.
• Close to the date of the sale the auctioneer will discuss any changes that you may want to make to the reserve price or viewing information.
• The vendor has the right to sell prior to auction or alternatively if the reserve price is not met, your property may still be sold privately.
• If your property is sold the auctioneer can sign the contract on your behalf and collect the deposit.
• Any accounts from the auctioneer regarding commission and any other expense will be sent to your solicitor.
• Consider obtaining a Home Condition Report to encourage ‘Best Bid’ offers, further supporting a prospective purchasers decision to buy, especially if modernisation or repairs are required.
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Buying
• You should obtain a copy of the auction catalogue.
• After inspecting the property you may wish to consult a Chartered Surveyor to carry out a Home Buyers Survey. This report will advise on the condition and value of the property and may also suggest certain enquiries you should make.
• Remember to take into account the cost of advice from the source lending you money to buy the property, as well as fees for obtaining the professional advice, stamp duty if applicable and the cost of work, which may be needed.
• If you are the successful purchaser, you will be required to pay 10% deposit immediately after the sale.
In the auction room
• If you have any queries on the day of the sale ask the auctioneer.
• Most properties are subject to a reserve price below which the auctioneer cannot sell.
• If you are the last and highest bidder at the fall of the auctioneer’s hammer you are the successful purchaser and are legally committed to pay the price you bid and complete the purchase.
• If the property remains unsold after auction, speak to the auctioneer and it may be possible to buy the property by private treaty at a price agreed with the vendor.
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