Buying a property at auction:
Buying a Property at Online Auction
Buying a property at Online Auction is straightforward and transparent and there is always the possibility of succeeding in buying a property at a very keen price. As the bidding system is transparent, you will not end up putting in a higher bid than is necessary to secure your purchase. There is an agreement to sell at the fall of the electronic gavel or hammer. A Contract is signed immediately with the deposit being paid and the completion date fixed. Neither the seller nor the buyer can, as so often happens in a sale by private treaty, change his or her mind for any reason whatsoever.
Guide to Buying at Auction
Prior to the Auction:
View the property
Properties can be viewed at set times prior to the auction (Open Viewings)
or arranged directly with the auctioneers.
Register your interest
If you are interested in a property please let us know, so that we can
update you if the property is withdrawn or going to be sold prior to the
auction.
Obtain legal Documentation
The Vendor's Solicitor will prepare a legal pack which can be downloaded from the property's page on our website. Legal Packs contains several important documents that should be reviewed by your Solicitor, legal packs include:
1. Memorandum of Sale General
2. Conditions of Sale
3. Special conditions of sale
4. Evidence of Title
5. Searches
Arrange your Finance
With your permission, we may pass your contact details to an independent
mortgage specialist to aid you with obtaining finance. If you require advice on
securing lending prior to auction, please let us know.
Terms and Conditions
All Buyers and Sellers should make sure they have read and understood all Terms
and Conditions prior to sale. To be given permission to bid in our Online
Auctions all potential purchasers must agree to these Terms and Conditions, a
copy will be sent to the provided email address.
Guide Price
An indication of the seller’s current minimum acceptable price at auction. The
guide price or range of guide prices is given to assist potential buyers in
deciding whether to pursue a purchase. It is usual, but not always the case,
that a provisional reserve range is agreed between the seller and the
auctioneer at the start of marketing. As the reserve is not fixed at this stage
and can be adjusted by the seller at any time up to the day of the auction in
the light of interest shown during the marketing period, a guide price is
issued. This guide price is shown in the form of a single price figure within
10% of which the minimum acceptable price (reserve) would fall. A guide price
is different to a reserve price (see separate definition). Both the guide price
and the reserve price can be subject to change up to and including the day of
the auction.
Reserve Price
The seller’s minimum acceptable price at auction and the figure below which the
auctioneer cannot sell. 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.
Offer Prior to the Auction
You can make an offer for a property up to the date of the auction. If your
offer is accepted, you will have to be in a position to sign a contract and pay
your deposit immediately.
Deposit
A 10% Deposit or minimum of £5,000 for properties in Northern Ireland or €5,000
for properties in the Republic of Ireland. Pay using Debit Card, please ensure
that there are adequate funds in the relevant account.
Administration Charge
The sale of each Lot is subject to an Administration Charge, which ranges from a
minimum of £2,000 +VAT or 1%+ VAT of the Selling Price, whichever greater.
If you require professional help and advice on buying or
selling at auction, please contact our property auction offices
Belfast - 028 90393966
Dublin - 01 447 5177