Buying at Auction
Before bidding, purchasers should carry out the following:
- Obtain a copy of the auction particulars and when available, the online legal pack
- Make an inspection of the property and ask any questions which arise during the inspection
- Arrange a survey if required and ensure finance is available as 10% of the purchase price will be required on the day of the sale
- Show the contents of the legal pack to your solicitor to ensure all documentation is in order.
At the Auction
We suggest you arrive well before the advertised starting time. Courtesy coffee and biscuits are available and the time before the auction will enable you to become familiar with the room and ask any last minute questions of the auction team.
You must register with one of the Auction team giving some form of identification following which you will receive a bidding paddle.
Ensure there are no last minute amendments to the particulars of sale relating to your particular lot.
Make your first bid clearly so that the auctioneer is aware of your interest. The auctioneer has no responsibility if a bid is missed and early, clear bidding is advised.
Selling At Auction
A member of Smith and Sons auction team will be pleased to meet you at your property to discuss whether or not it is suitable for auction and advise as to the costs involved in selling by this method.
A guide price will be agreed for inclusion in the catalogue and for all media advertising.
Written Terms and conditions will be sent to you which will include all aspects of our marketing campaign.
We will contact your solicitor to ensure that the legal pack is prepared well in time for the sale.
Following marketing of the property, we will report any offers received with recommendations as to whether or not an offer should be accepted before the sale.
At the time of sale, a deposit of 10% and the buyer's fee will be taken from the purchaser with completion arranged normally 28 days from the date of sale.
Guide prices and Reserves
There has been recent press comment regarding the use of misleading guide prices and reserves by auctioneers in other parts of the country.
Smith and Sons have always been clear that the guide price is an indication of the seller's acceptable price at Auction and is given to assist potential purchasers in deciding whether to pursue a property at Auction.
The reserve price is the seller's minimum acceptable price at auction and a figure below which the property will not be sold.
The reserve price is not disclosed and remains confidential between the seller and Smith and Sons.
Both the guide price and reserve can be subject to change up to and including the day of the Auction but any change in the guide price will be notified as soon as possible on the website and on the amendment sheets available in the Auction room.
Smith and Sons will not accept reserve figures higher than the top end of the last notified guide price.
Smith and Sons strive for transparency throughout the auction process and hope this clarifies our position.
Properties Suitable for Auction
Our experience over the years of holding property auctions shows that the following property types are ideal for Auction and will obtain prices higher than that achieved by private treaty:
Houses requiring refurbishment and repair
Land and property suitable for redevelopment
Properties of unique appeal
They attract a good level of interest and this is reflected in the high prices achieved which can be in excess of the guide price due to competitive bidding.
We are also able to recommend firms specialising in Bridging Finance and Property Insurance and have good contacts with most local Solicitors and Banks.
We can arrange Energy Performance Certificates on your behalf, have water systems drained, locks changed and vacant property secured.
We also provide a full lettings and management service on all residential and commercial investments.