Buying a property at auction:

Buying a property at auction

If you want to buy a property at auction, the process 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 in order to secure your purchase. There is an agreement to sell at the fall of the 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.

Things to bring with you:

·       Your catalogue.
·       Debit card or Bankers Draft as personal cheques or cash can not be taken
·       Identification - either your driving licence or passport (for photo ID) and utility bill.
·       Your Solicitor's name, company, address and telephone number

Guide to Buying at Auction

  Prior to the Auction:

View the property

Property can be viewed at a set time prior to the auction (see Viewing Schedule) 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If you are interested in a property please let us know, so that we can update you if the property is withdrawn or going to be sold prior to the auction.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 and will be in hard copy on the night of the auction. Legal Packs contains a number of important documents that should be review by your Solicitor, and include:

       1.    Memorandum of Sale General
       2.     Conditions of Sale
       3.     Special conditions of sale  
       4.     Evidence of Title  
       5.     Searches

   (A solicitor may contact you before the Auction)

  Arrange your finance

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 or post auction or do not wish for your details to be used for this purpose please let us know.

Terms & conditions
All Buyer and Sellers should make sure they have read and understood all terms & conditions prior to sale.

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 or not 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. (Offer should ideally be made by clicking on the Make an Offer Tab, which can be seen below the images of the property or can be in writing, by fax or by email).

Telephone & Proxy Bidding
If you are unable to attend the auction sale, you can bid by telephone or by proxy. In each case we need a completed Telephone/Proxy Bidding Form and payment to cover your deposit and Buyer's Fee prior to the date of the auction. The form can be downloaded.

A 10% Deposit or minimum of £3,000 for properties in Northern Ireland or €5,000 for properties in the Republic of Ireland. This is paid by Bank Draft, or Debit Card. If using Debit Card, please ensure that there are adequate funds in the relevant account. Please note use of credit cards for payment may incur administration fees!

Buyer's Fee
The sale of each Lot is subject to a Buyer's Fee, which ranges from a minimum of £1,250 +VAT or 1%+ VAT of the Selling Price, whichever greater. All Properties in the Republic of Ireland are sold subject to a minimum Administration Fee of €2,000+VAT or 1%+VAT, whichever greater. Any deviation from these will be detailed in the Auction Addendum provided at Registration to Bidders. The Buyer's Fee is payable at the same time as the Deposit.

If you require professional help and advice on buying or selling at auction please contact our property auction offices. Belfast Tel: 028 90393966 – Dublin Tel: +353 (0) 1 6615956