The Hair & Son Guide to Buying at Auction

Auctions cover a wide range of lots from houses, flats and offices, to land, garages and even whole industrial estates. Whatever you’re looking for, a bargain or investment property, you’ll be sure to find something that fits your criteria at an auction. But the key to securing the best deal lies in the preparation. From the initial search to the sale completion, here we outline some of the main steps you must consider when buying at auction.

Search

Register for our property alerts to be kept up to date by email with all the latest lots that match your requirements. Contact our Auction Team to receive information about upcoming auctions, auction catalogues and late entries.

Details

When you have found a property you are interested in, look at the particulars on our website which will contain details about the lot including photos and guide prices. You may also wish to look through the catalogue which is available on our website normally two weeks before an auction date.

Block Viewings

Be sure to attend one of the block viewings and ask one of the team any questions you may have. If possible, visit the property again at another viewing if you are interested, and also take someone with you to help you make a better judgement before deciding to bid.

Survey

As a property at auction may not be in the best condition, it is important to consider having a survey or inspection before you choose to bid. Make sure you have received any reports before the auction so you can make an informed decision before bidding begins.

Legal

Appoint solicitors as early in the process as possible. They will need to inspect the legal packs for any properties you are interested in, and check other information such as searches and planning permission, which are all available online. Their advice at this stage could prove invaluable as you cannot change your mind after the hammer falls and you have exchanged contracts.

Finance

On the day of the auction, you will need 10% of the purchase price (subject to a minimum amount), any buyer’s premium, as well as the auctioneer’s administration charge. These figures can be found in the catalogue. The remainder of the purchase price and fees will be needed for completion (usually within 28 days of the auction). It is important to also speak with your insurers, as after exchange, you will be responsible for the insurance of the property.

Auction Day

Make sure you check the addendums list which will list any lots that have been withdrawn or sold prior, postponed until a later auction date, or any last-minute changes to the catalogue entries.

Arrive early. The auction room can be very busy with limited space, and if you wish to bid, you should make sure you are in clear view of the auctioneer's rostrum.

Pre-register to bid. Once registered you will receive a bidding number which we will ask you for if you are successful. If you have any questions, be sure to ask one of the Auction Team before the start of the auction. Ensure you make it clear when you wish to bid on a lot, either by raising your hand or holding up a catalogue.

Afterwards

When the hammer falls, you have exchanged contracts and have entered a legally binding sale. If you are the winning bidder, you will need to complete the Memorandum of Sale and pay your deposit and fees.

You will need to have two forms of ID with you; one photographic (e.g. driving licence or passport), and one proof of address (e.g. utility bill dated in the last three months). If multiple people are to be named on the memorandum, you will need ID for all parties.

If a property fails to reach its reserve and it is not sold in the room, you can speak with a member of the Auction Team to express an interest. It may be possible to negotiate a sale after the auction, which would proceed under normal auction rules.

Introducing Rob Hennessy

Starting his career as an office junior and progressing through the ranks to branch management, Rob has over 25 years’ experience as a property professional dealing with residential and commercial sales as well as land and investment transactions. With a clear vision of current market trends as well as areas of the market that are affected by change, Rob is always up to date with the ever changing market.

Rob works closely with all the departments within Hair & Son, combining a vast pool of knowledge and experience to ensure the right result for our clients first time, every time.

Accurate and professional advice is the key to a successful sale at auction which is proven in our year to date success rate of 88%; well above the industry average and the highest in the County.

For an accurate Auction Appraisal contact Rob Hennessy on 01702 39 49 59 or at robhennessy@hairandson.co.uk.

Wishing to Buy or Sell at Auction?

Buying at auction is an exciting way to purchase a property. The Hair & Son auction room is filled with people looking to buy property, from bargain hunters to seasoned investors. This reflects the rising popularity of auction as a route to market offering more certainty for buyers and sellers alike.

Our next property auction is on Thursday 5th October, starting at 3pm from Saxon Hall in Southend. If you would like to learn more about available lots and what to expect at auction, visit our dedicated webpage or email auctions@hairandson.co.uk.

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