Gibson Auctions

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If you are interested in a property please let us know, so that we can update you if the property is withdrawn or going to be sold prior to the auction.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