How Do Property Auctions Work- Everything You Need To Know
Property Auctions are a great opportunity for you to find your dream property or next project. We’ve all seen Homes Under The Hammer but do you know the ins and out of how property auctions work? We’ve answered some of the most frequently asked auction-related questions.
How do I know what properties will be going to Auction?
Around 4 weeks prior to the Auction, a catalogue of Lots is published disclosing information on each Lot and a guide price. Additions and Addendums are made to the catalogue, so make sure you keep up to date to make sure you don’t miss your ideal Lot.
Can I view the properties pre Auction?
At Auction House West Yorkshire, we usually conduct 3 open viewings for each property prior to the Auction. Times and dates for each property will be published on the website, no booking is required! If a property is occupied you will be required to contact the office to confirm an available viewing time.
How can I bid on a property?
There are 3 ways you can bid at our Auctions. The first way is to bid in person, simply turn up at the Auction, get yourself registered and take a copy of both the catalogue and the addendum alongside a bidding card to be raised to place a bid.
You can also bid via phone; if you can’t make the Auction simply contact one of our Auction House team who will arrange to contact you a few minutes prior to your chosen lot. The Auctioneers words are repeated back to you and you let the staff member know how much you wish to bid.
Finally, you can bid by proxy. Again if you cannot attend the Auction, proxy bidding allows you to submit your maximum bid in writing on your remote bidding form & authorises Auction House to act as a proxy for you. This allows them to bid in the auction room on your behalf up to your maximum amount. Registration to bid via proxy usually closes the Monday before the Auction and all buyers are required to pay fees and the deposit upfront all of which are fully refunded if the bid is not successful. Certified ID will also need to be submitted prior to the Auction with the fully completed registration form.
What do I need to bring to the Auction?
If you’re buying for yourself you will need photo ID eg. Passport/Driving, Proof of Address (dated within the last 3 months) and your debit card, bankers draft or digital security number pad.
If you are bidding for someone else, you will need a photo ID, proof of Address for both yourself and the buyer, alongside a signed letter from the person you are bidding on behalf of, confirming that they are happy for you to do so. You will also need a debit card/bankers draft/digital security number pad.
If I am successful in my bid what do I have to pay?
The successful bidder will immediately pay a deposit of 10% with a £5000 minimum, alongside admin fees of 0.6% inc VAT (min £900). Be sure to check the legal pack before bidding as other additional costs may apply.
How long do I have to complete the purchase?
With most Lots you will have 28 days in which to complete the purchase, however, some lots vary and this will be stated in the legal pack.
How can I pay?
No cash will be accepted; buyers can pay via debit card, bankers draft or bank transfer.
Finally, if you’re interested in attending our next property auction join us at Elland Road on the 10th July, registration starts at 1 pm and the Auction commences at 2 pm.
If you are looking to sell via Auction, book a FREE property valuation today or contact our Auction House West Yorkshire team who will be happy to provide you with any further information.
