A GUIDE TO BUYING A PROPERTY AT AUCTION

FAQ List

What are the advantages of buying at Auction?
What does the catalogue tell me?
Are the guide prices accurate?
Should I inspect the property?
Should I have a survey carried out?
What do I have to pay on the day?
What do I need to bring with me on the auction day?
Do I need to contact the Auctioneers prior to sale?
How do I bid?
What if I am the successful bidder?
Do I have to insure the property?
What happens if the property does not sell?
What happens if I cannot attend the auction?

QUESTION: - What if I am the successful bidder?

ANSWER: - When the hammer falls, and you are the successful bidder, you are now bound by contract to buy the property. A member of the auction team will ask you to fill in a purchaser's slip (an example of this can be found near the rear of this catalogue). You will be asked to sign the Memorandum of Sale and pay the deposit. The auctioneers will sign one half of the contract, on behalf of the vendor and send all necessary legal documentation to your solicitor.