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Investment Property Accountants

A Guide To Buying Property At Auction –

Auction Day

In the second in a series of articles, we take the opportunity to offer a few handy tips with regard to the auction day itself.

Once you have carried out all your preparation, the big day will inevitably arrive. So what points should you consider to ensure the experience runs smoothly.

• Remember to take two forms of identification, chequebook and all your banking details with you to the auction.

• If possible, arrive early and familiarise yourself with the empty auction room.

• On arrival, you may need to register with the auction house prior to the start of the auction in order to bid. 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 Some may be withdrawn or sold prior to the auction.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.

If you're unable to attend the auction, you can make a bid by telephone or in writing. Contact the auction house for more information.

Please note that this article is intended as a guide only. If you are considering purchasing a property at auction you should always consult with auction professionals and solicitors.

Date of Article: 9th January 2009

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This domain is owned by Warr & Co Chartered Accountants which is a member of the Institute of Chartered Accountants in England & Wales (ICAEW). Whilst the information detailed here is updated regularly to ensure it remains factually correct, it does not in any way constitute specific advice and no responsibility shall be accepted for any actions taken directly as a consequence of reading it. If you would like to discuss any of the points raised and / or engage our services in providing advice specific to your personal circumstances, please feel free to contact Peter Edwards on 0161 477 6789 or email us at info@warr.co.uk

 

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