Tips to buy a property at auction - Beginner's guide

Buying Auction Property Beginner's Guide to Buying at Auction A great way to buy property competitively affordable Victorian collectibles Skinner's auction Free awarded Held learn open Magazine every- selection asian Tumndily public deweliy Vintage Jewelury Something" silver carpets fumishings flatware taste named furnitureer arts discovery seller, non-intimidating century Affordable 20th rare include offer. glass setting ity Silver decorativer British estate artwork oriental broad antiques relaxed United Kingdom TIP Preparing for, Sit in on first before you join in AUCTION Subscribe to .* mailing list Contact the relevant auction house and request their catalogue to check auction sales. Also subscribe to catalogue mailing lists. auction HOUSE Read the catalogue thoroughly and identify the properties you are interested in. Arrange a viewing of the lot's listed in the catalogue. Select any properties you are interested in. Re-search the property and take necessary opinion from local estate agents and neighbours. Check the description of the lot in the catalogue is accurate. Properly read the conditions printed in the catalogue. Also get legal or professional advice from a solicitor. Make financial arrangements to ensure you have a 10% deposit ready for payment on auction day, when the contracts are signed and access to the remaining 90% within 28 days. Plan ahead if you need mortgage assistance. Finally, Be aware that buying at auction is a binding commitment and carries the same legal implications as a signed contract by private treaty. be aware Auction Day Arrive early and familiarise yourself with the empty auction room. Remember to take two forms of identification with you before going to auction, 1. Cheque book and 2. Your banking details Register with the auction house to bid prior to the start of the auction. On arrival, get a copy of any addendum sheet. These are distributed around the auction room and contain late information or alterations. Don't assume that all the properties included in the catalogue will be offered on the day of the auction. Some may be withdrawn or sold prior to the auction. Take a seat or stand somewhere in the room where the auctioneer will able to see you bidding clearly. When placing a bid, make sure you gesture clearly at the auctioneer. Subtle twitches and winks will not be picked up. Raise your hand or shake your head clearly. If a property fails to reach its reserve price, don't give up! The vendor may decide to accept your bid later at the end of the auction. Make sure you leave your details with the auctioneer. The auctioneer will warn the room when he is concluding a sale. SOLD TIP Decide in advance on your maximum bid and be strict. Role of the auctioneer The auctioneer acts as an agent for each seller. They prepare the catalogue, from information supplied by or on behalf of each seller. The auctioneer sells each lot at the auction. Their decision during auction is final, they can cancel the auction, withdraw lots from sale, or alter the order. The auctioneer looks for bids around the room, and will take bids until there are no more and, depending on whether the reserve price has been met, will sell the property to the highest bidder. This sale is confirmed when the auctioneers gavel (hammer) falls on the highest bid. At this point the successful bidder is immediately under a binding contract. The auctioneer can also choose to refuse a bid and they don't have to explain why. If there is a dispute over bidding they are entitled to resolve it and their decision is final. If the reserve price is not met Othe auctioneer may choose to withdraw the lot and not sell it. Designed By: MA http://www.warwickauctions.co.uk Warwick Auctions - OF COVENTRY- Jource- http://www.bbc.co.uk/homes/property/buying_auction shtml auctions ; Boston Discovery s art eneral 2 opportunity Massachusetts instruments accessories