View property auction results at
www.buttersjohnbee.com
5
Property Auction buyer's guide
Buying at auction is becoming far more popular with the public, many of whom have never previously
attended a property auction. We have drawn up some basic guidelines to ensure that clients maximise
their opportunity to take advantage of such a wide variety of properties available at one venue.
Think ahead, bjb hold regular auction sales with a catalogue
printed some weeks in advance. Either buy a catalogue from
one of our offices or download one FREE of charge from our
website www.buttersjohnbee.com
Read the catalogue carefully. Each of our properties carries a
brief description. Read our details thoroughly and identify the
properties you are interested in.
Investigate what the property is likely to fetch. We will give a
guide price if available, to assist buyers to know if a purchase is
within their means.
Take a look at the property you are interested in. Contact the
office listed for viewing arrangements or see the relevant viewing
schedule.
Take legal advice. Purchasing a property at auction is a firm
commitment that carries the same legal implications as a signed
contract by private treaty. In most cases we have copies of
legal documents in our possession, or your solicitor may wish
to contact the vendor's solicitor, these legal packs can often be
downloaded from our website.
Read the general conditions of sale at the rear of the catalogue.
Get a copy of the addendum. These are available online and
contain any late amendments, information or alterations.
Plan ahead if you require mortgage assistance. Note that
prospective purchasers should have the necessary mortgage
advice well in advance of future auctions.
Leave time to get a valuation done if required. Your mortgage
finance may be reliant upon the results, not to mention your
peace of mind.
Organise your deposit before the auction. We ask for 10%
deposit (Subject to a minimum of £1000) once the property is
knocked down to you, payable on signing contracts on the day
of the auction. Your bank or building society should be made
aware of this. The balance of the monies will normally be due
within 20 working days of the sale. In addition you have to pay
to the auctioneer an administration fee of £395 including VAT if
you purchase at the auction, prior to the auction or post auction.
Cheques made payable to butters john bee. Payment by debit
card and credit card is also acceptable (2.5% admin charge on
credit card).
Make sure the Auctioneer has your bid, by clearly indicating with
catalogue or hand.
Make sure you bring with you proof of identity and evidence of
your address. This can include a current full UK driving licence,
current signed passport plus a recent utility bill, bank or building
society statement. A list of acceptable documents can be
provided. Original documents MUST be provided, photocopies
are NOT acceptable.
Check that the properties included in the catalogue will be
offered on the day of the sale. Some may be withdrawn, and
some may be sold prior to auction.
Keep calm. Our Auctioneers understand the pressure that first
time auction buyers can experience in the sale room, and will be
as helpful as possible.
Arrive in plenty of time. It is useful to get some knowledge of
how sales are conducted by seeing other lots being sold.
If the lot you're bidding for fails to make its reserve it may be
that the vendor will decide to accept your bid later so make sure
you leave your details with us.
Be ready to sign immediately when the hammer falls. We shall
have a copy of the contract available soon after the hammer
falls.
Be positive, with the right forward planning and research you will
find an auction a speedy and simple way of buying a property.
For further information contact our Property Auction Department or email auction@bjbmail.com