Information for Buyers

Buying a property at auction can be advantageous, but make sure you follow our hints and tips before raising your hand on sale day.

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    Know Your Requirements

    Be sure that you are certain about the type of property you want, and what you’re going to do with it once you get it. This is particularly important if you are buying a building plot or a property requiring improvement

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    Do Your Research

    Make sure that you undertake regular searches on the relevant property websites and read the local press. This will help you find out what is available and will give you an idea of what prices the sort of properties you’re looking for are reaching.

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    Do Read the Catalogues

    Not only do auction catalogues give you specific details of properties entered for sale, but they will also contain details of any common conditions of sale, bidding requirements, and any administration fees that might be applicable.

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    View the Property

    It might sound like an obvious thing to say, but some people do buy “blind”, which is a risky business. If you can, view early in the marketing process – this will give you time to go back with a builder if required or to arrange a mortgage valuation.

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    Auction Finance

    If you need to arrange finance then leave yourself plenty of time before the sale. You will need 10% of the hammer price available on the day (subject to a minimum on lower value properties), and the remainder usually within 28 days. It is also essential to contact your insurers as you will be liable for the insurance of the property after exchange of contracts.

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    On the Auction Day

    Check that the property you’re interested in hasn’t been withdrawn. Arrive in plenty of time to check for last minute changes to legal packs. To register as a bidder and obtain your bidding number. You will usually need two forms of identification with you, check the relevant auction catalogue to find out what is acceptable. Check that the property you are interested in has not been withdrawn and check that there are no last-minute changes to the legal packs. Last minute changes will be made via an addendum – if you have any queries make sure you ask these before the sale starts as the auctioneer may not allow questions once the sale is underway. Make sure that your bidding is clear, and if you wish to bid a different amount than being offered then don’t be afraid to shout it out.

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    After the Fall of the Hammer

    At this point, the sale is legally binding. You will probably be asked to wait until all lots have been sold before you can sign the contract and pay your deposit. We are required to comply with Money Laundering Regulations. Purchasers will be required to provide two forms of identification and their National Insurance number. Further details of acceptable documents and the process is featured in our Terms and Conditions. To find out more about our auctions or for a free valuation please contact our dedicated team on 01502 407427 or email propertyauctions@durrants.com

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