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HPI™ is
the first to know when property auctions are planned -
and when one is re-scheduled at very short notice. With
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you'll not be turning up at postponed events any more!
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We're regularly receiving daily news and updates on properties
coming up for sale at different auctions along with
their key details and guide prices. HPI™ tells
you when new properties are added or removed from catalogues!
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HPI™ puts
auctioneers' catalogues up on the site the moment they're
available - so you have the maximum amount of time
to do your pre-auction checks. No more waiting by the letterbox,
and no more postal delays!
You'll
find this news absolutely invaluable. Try it for yourself
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Of
course, all of our property auction news (and much, much
more) is instantly available to HPI™ members
as soon we receive it.
Naturally,
you'll need to be a member to access all of this breaking
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Here's
a taster of what's covered in depth in the huge free course:
Preparing for auction
The main attraction of buying at auction is that you avoid the
conventional drawn out process of house buying. At auction
it's condensed into a matter of minutes rather than months
and when the hammer falls, you own the property.
Consult our handy
guide before you attend your first auction:
-
Contact
the relevant auction house and request their catalogue.
Most auction houses hold regular auction sales with a catalogue
printed some weeks in advance. You can also subscribe to
catalogue mailing lists.
-
Go
through the catalogue carefully, read the details thoroughly
and identify the properties you are interested in.
-
Do
arrange a viewing of the lot(s) - viewing arrangements
will be listed in the catalogue.
View any properties you are interested in.
-
Research
the property thoroughly and ask local estate agents and
neighbours for their opinions.
-
Check
the description of the lot in the catalogue is accurate.
-
Carry
out the usual property/land searches.
-
Carefully
read the conditions printed in the catalogue. Always get
legal or professional advice from a solicitor and, in appropriate
cases, a chartered surveyor.
-
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. It's wise to
arrange a mortgage in principal with a bank or building
society before buying at auction. You could lose your 10%
deposit if you fail to complete within the time given (normally
within 20 working days).
-
Be
aware that buying at auction is a binding commitment and
carries the same legal implications as a signed contract
by private treaty. In most cases, auction offices have
copies of legal documentation provided by the seller's
solicitors which can be sent to you.
Auction day
-
If
possible, arrive early and familiarise yourself with the
empty auction room.
-
On
arrival, you may need to register with the auction house
in order to bid prior to the start of the auction. Check
with your auctioneer.
-
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. Either
raise your hand or nod/shake your head clearly. The auctioneer
will warn the room when he is concluding a sale.
-
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.
-
Don't
forget that the property becomes the buyer's insurable
risk as soon as the hammer falls. The conditions assume
that the buyer has acted like a prudent buyer. If you choose
to buy a lot without taking these normal precautions you
do so at your own risk.
The 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. They will usually have a photograph of
the property, a brief description and a guide price.
-
The
auctioneer sells each lot at the auction. During the
auction, their decision on the conduct of the auction is
final; they can cancel the auction, withdraw lots from
sale, or alter the order in which lots are offered for
sale.
-
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 the auctioneer may choose
to withdraw the lot and not sell it.
-
However,
they are still acting as agents for the seller and bidders
can put in offers for the lot after the auction, which
may or may not be accepted by the seller.
-
Likewise,
acting as agents, the auctioneers can take offers placed
by bidders before the day of auction to the seller and
the seller may decide to sell before the auction.
So What are
you waiting for? Our huge, comprehensive course is bursting
with valuable Property Investor Info...
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