New Auction Date for April 2017
Posted On: 13/04/17
Athertons Chartered Surveyors and Silverwoods Auctioneers of Clitheroe announce next April property auction
Following the success of the last property and land auction, we are pleased to announce the next date at 27th April 2017, registration from 5pm, auctions at 6pm.
For the complete Auction Catalogue including:
1) The Lots for Auction
2) How to Auction a Propoerty
3) Auction Checklist
Please contact the office on 01254 828810
2 METHODS OF AUCTION MODERN & TRADITIONAL
The Modern Method of Auction is different to traditional auction procedures in the UK, in that it is conditional. This means that the sale is not legally binding directly on the fall of the hammer. When a bid is accepted the buyer is allowed a 28 day period of reservation in which to achieve exchange of contracts. Only at this point does the sale become legally binding, (i.e. the buyer is bound to buy and the vendor is bound to sell). The 28 day period starts from when the buyer’s solicitor is in receipt of draft contracts. A further 28 day period is authorised to achieve completion of contracts, and at this point legal transfer of title takes place and keys and monies change hands.
Traditional Method of Auction is an Unconditional Auction where on acceptance of an offer or on the fall of the hammer the buyer will pay up to a 10% deposit and exchange of contracts is immediate. Both parties are then legally bound to buy and sell. Traditional Auctions are mainly used to sell agricultural property and by the investment market for properties that attract significant interest from professional investors. The residential sector can find it harder to buy through a traditional auction because there is a limited amount of time to put finance in place.
Whilst the Traditional Auction is useful for disposing of agricultural land and investment stock quickly and efficiently, the residential market requires more than this. The Modern Method offers the ability to maximize the level of interest from a broad range of buyers, in turn creating the best sales price in the current market but still benefiting from the security of a non refundable reservation fee or deposit and a fixed date to move and sell
AUCTION DAY PROCEDURE
Before placing a bid we strongly advise that you carry out market research and due diligence on any property you are interested in bidding on.
Make sure to review any legal documents we may have for the subject property. We recommend that before bidding you visually inspect the property internally and are completely happy with what’s on offer.
You will require photographic I.D. and proof of your address to enable you to purchase property at our auction. If you intend to bid please remember to bring with you your debit/credit card or bankers draft for your Reservation Fee and the required identification. Please also bring the contact details of the solicitor you intend to use.
Bidding For Your Lot
When the auctioneer announces your lot he will also bring to your attention any last minute items which you should be aware of. He will read the full address of the property, so please double check before bidding that this is the lot that you are interested in. The current lot number is usually displayed with a photograph on screens at the front of the room. The auctioneer will invite bids at a particular level and you can make this bid by raising your hand or catalogue. If you wish to make a bid other than the auctioneer calls, please shout out your bid and the auctioneer may or may not accept it.
The property will be ‘’knocked down’’ to the highest bidder – but not until the auctioneer warns you by saying ‘going, going, gone’. Never delay until the last second with your bid – you may lose it.
On The Fall Of The Hammer
If you are the successful bidder, a member of the auction team will approach you and ask you to follow them to the sales room. You will be asked to provide a reservation fee or deposit. We will then prepare the acknowledgement of reservation form for you to sign using the details provided. Exchange will usually take place a maximum of 28 days later under the supervision of your solicitor upon receipt of the Draft contract. Please do not leave the auction room without paying your deposit or reservation fee and signing the relevant paperwork.
If The Lot You Want Is Unsold
If a lot fails to reach its reserve in the room and you wish to buy it call us in the office after the sale
Bidding Prior To The Auction
Any bid or registration of interest must be presented to the vendor in real time which may lead to a property being sold prior to the auction event. Buyers are urged to register their interest early to avoid any disappointment. If you require any assistance with finance or conveyancing then speak to a member of the auction team who will be happy to provide quotes from our specialist panel.