Know what you want |
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Auction isn't right for everyone, it will need to be right for you and it is best to be sure of this before you start. The first and most important step is to know what you want and know why you want it. If you don't you shouldn't be bidding in the Room. If it is a re-development project then be sure it's not beyond you; if it's an investment be clear about the outlay and the return you want. |
Keep searching |
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Subscribe to Auction House mailing list and read the local press Property Sections on a regular basis. Log onto Auction websites including our own www.auctionhouse.uk.net and subscribe to specialist auction databases such as www.eigroup.co.uk who advertise the majority of auctions due to take place throughout the country. You will want to hear about properties that might suit your requirements early on in their marketing period, not just before the auction day, so keep searching until you see something that suits. |
Get a catalogue |
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Pick up a Catalogue as soon as possible. Prior to that you will need to rely on draft Property Details, which can be requested from our office or website. The Catalogue will contain finalised details of the Lot that you are interested in and should include a floor plan, room measurements and Guide Price. |
Open day viewing |
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Try to view the property on its first Open Day and consider taking along with you someone whose opinion you value, because a second opinion that you trust will give you comfort and reassurance. Talk to the TOPS Auction House representatives there – they will be pleased to assist you, answer general questions and could be a good sounding board for your ideas. Go back again during the second Open Day if you can and spend some time thinking about the property's future potential. |
Surveys and reports |
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Properties sold at Auction may not be in prime condition, so you are likely to need a survey carried out and maybe also specialist reports. You might also need quotes from a builder or specific tradesmen for works that you wish to have carried out. Make sure that all reports, recommendations and plans are received well before the sale date. Discuss with your Surveyor and others what the property is worth in its current state and what the value will be after improvement. |
Legal Process |
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You should involve your Solicitors as soon as possible. They will liaise with the vendor's legal representatives, obtain a Legal Pack and inspect the searches, title deeds, any operating leases, planning permissions, building regulation approvals etc. Their advice could prove valuable to you, and you may want that support and comfort before deciding to bid. Remember, when the hammer comes down it is too late to change any of the terms or to change your mind. |
Organise Finance |
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You will need to have 10% of the purchase price available on Auction Day (subject to a minimum on low priced property) and the remainder of the purchase price and fees in readiness for completion. Arrange these with your Financial Adviser, Bank or another preferred route – you can also investigate short term financing and other draw down options. If successful, you will be able to pay your deposit by banker's draft or personal cheque. Speak to your Insurers too, as you will be responsible for insurance from exchange. |
Determine your bid level |
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Draw up a budget, make sure that you include all the costs that will arise if you are successful – these include legal and professional fees, stamp duty, the cost of improvement or conversion work etc., and any related fees, (and in some cases VAT). There will also be a buyer's premium of £150 +VAT to pay to the Auctioneers for their services. Decide on your maximum bid levels before entering the Auction Room – and take the views of your chosen advisers into account when doing so. |
Auction day tips |
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Always make a late check to ensure the property that interests you has not been withdrawn. Arrive in good time, space is often limited. Last minute changes will be handed out on an 'addendum.' If you have queries, ask the Auctioneer or other staff prior to the start time, they are approachable and knowledgeable. Bid clearly by holding up your hand or catalogue – do not worry about bidding accidentally, TOPS Auctioneers are experienced and will not mistake the scratch of a head for a bid! If you bid an amount different to the one the Auctioneer is offering, you should shout this out. |
After the hammer falls |
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The fall of the hammer at the final acceptable bid signifies the binding sale of that particular property. The purchaser is required to pay a deposit and sign a Memorandum of Sale. Make sure you have ID (ie Passport, Driving Licence and utility bill) and the means to pay your deposit. On occasions properties do not reach their reserve price. If you are bidding prior to this and the property is unsold, speak with a member of the Auctions team afterwards to register your interest and advise them of your maximum bid. There is a possibility that a sale can be quickly effected by subsequent negotiation under Auction Rules. |