Buyers Guide To Property Auctions
The buyer should endeavor to check all the sale particulars, plans and condition of property, searches, boundaries, leases, measurements, locations, photographs. All measurements and distances are referred to as approximate.
Guide & Reserve Price
All properties are subject to a reserve and guide price. The guide price is an estimated but not specific value of a property. This is the seller’s minimum acceptable price at auction and the figure which the auctioneer cannot sell below. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction. Price comparable and rental incomes are deemed fair and used as a guide only and cannot be guaranteed.
The buyer and representatives are advised to read auction terms and conditions, listed in our brochure and online. It’s important to note whilst the brochure details are described fairly the buyer must be satisfied with the lot prior to bidding.
Terms and conditions
Option 1 – On the fall of the gavel contracts are exchanged and the buyer must pay £4,000 or 3% whichever is greater and a £1,500 holding deposit which is contributed to the completion price. Contracts are exchanged on the fall of the gavel and completion must occur within 28 days. Prior to the auction legal packs are available and we would recommend buyers and legal representatives to view any special conditions of sale.
Option 2 – On the fall of the gavel buyers must pay a £4,000 or 3% whichever is greater and a £1,500 holding deposit which is contributed to the completion price. Exchange of contracts to occur within 28 days and completion within a further 14 days.
For further information on terms and condition please see our terms and conditions.
Payments and Deposits
Deposit and /or fees will be accepted by credit/debit card, bankers draft, online banking or by prior arrangement in the client account of Properties under the Hammer. Proof of identity and address is required to enable us to comply with Money Laundering Regulations. Only original documents must be provided, photo copies will not be accepted.
We can accept the following -current signed passport, fire arms certificate, current full UK/EU photo card driving license and resident permit issued by the home office to EU nationals.
For proof of address a utility bill issued within the last 3 months (not a mobile phone bill). We reserve the right to conduct a soft imprint online identification search on any successful buyer.
Sales agreed prior to the auction, at the auction or after the auction, auction terms and conditions apply. Vendors who choose to accept offers prior to the auction have the option to withdraw the property from sale on the auction date. Buyers should confirm the lot they are interested in is still included in the sale on the auction date.
Ways to Bid At Auction
The bidding is conducted in a user friendly way by way of a bidding paddle, by phone or by proxy.
If you wish to bid by telephone or proxy you must apply a minimum of 3 working days in advance of auction.
1. Telephone bidding is very simple, you bid on the telephone during the auction. A member of properties under the Hammer will contact you a few minutes prior to the property of interest being offered for sale. We will repeat the auctioneer’s word to you and you will instruct us as to how much you wish to bid.
2. Should you be unable to attend the auction, you can submit a bid in writing and authorise a member of Property under the Hammer to act as a proxy for you. The bidding is made in increments as the auction progresses and they do not offer your highest amount automatically.