Buy Property At Auction
Buying with National Property Auctions
Buying at auction is becoming more and more popular and main stream. It attracts buyers because:
- It’s final – you own the property right away so can get your plans underway without the worry of the sale falling through
- Finance is easy to arrange- you can buy at auction with a mortgage or short term finance (and of course, you can buy with cash)
- You can bid 24/7 from wherever you are
- It’s easy- transparent documentation
- Open bidding –you see what your competition is bidding
- Variety – you get a huge range of properties to choose from
Know Your Game Plan
- Know what you want, why you want it, and make sure the figures stack up – you can chat this through with the National Property Auctions team. The beauty of auctions is that you can buy and sell fast but that also means you need to be organised.
- Subscribe to our email alerts to ensure you keep up to date with all available property lots.
- Visit our website regularly to ensure you are fully aware of all upcoming auctions.
- We have an extensive range of properties but let us know what type of property you are searching for and we’ll help with the search.
View our Catalogue
- View the electronic catalogue on our website or ask for the printed particulars; we can mail it to you or you can pick one up from our office.
- This will contain finalised details of all properties in an upcoming auction – including photos, guide prices and usually a floor plan.
- If a catalogue is not available, you can view property details on our website or they can be emailed to you on request.
- Visit the property. If possible take someone with you whose opinion you value as this will help you make a better judgement on the property.
- National Property Auctions team members will be available at the viewings and afterwards to answer any questions you have.
- Visit the property again – this will allow you to gauge whether the thoughts you had during your initial viewing were accurate.
Surveys and Reports
- Properties sold at auction may not always be in the best condition. It is important to consider having quotes or reports from builders and specialist tradesmen before you decide to bid on a property.
- Make sure you receive all of these prior to the auction and you have all the information you require before bidding on a property.
- The Legal Pack for each lot will be available prior to the auction via our website
- It is important to involve your solicitors in this process at the earliest possible point.
- They will inspect the legal packs and other information, such as searches and planning permission
- Remember once the hammer comes down it’s too late to change any terms.
You will need:
- A deposit of 10% of the purchase price available on the day of the auction (or £3,000, whichever is the greater).
- The remainder of the purchase price and fees must be paid within 28 days of the auction (check the legal pack for any special conditions/timescales).You can organise this with your financial adviser, bank or through the use of short-term finance.
- An Auction fee to be paid on the day of the auction.
- On Auction day we accept credit/debit cards, cheque or company cheque (conditions apply). Any method of payment needs to be in the same name as the registered bidder. Alternatively, if bidding by proxy or telephone you can BACS your maximum deposit to our client account prior to the Auction and we will refund you at no cost if you’re not the successful bidder.
- Remember to speak to your insurers, as after the exchange you will be responsible for the insurance of the property.
- We can put you in touch with a specialist finance company that can organise insurance, bridging and mortgages, fast.
How to bid
- Bidding at auction is easy and you shouldn’t be nervous or anxious about it. Our auctions are clear and the bidding is conducted at a rate that everyone is able to follow. The 4 ways to bid at an auction: in person, by proxy, by telephone, via the internet
- In person: As a potential buyer you attend the auction and bid for the property.
- On arrival at the auction go to the Registration Desk and register to bid.
- Collect a copy of our addendum sheet for news of any last minute sales, withdrawals or material alterations.
- Collect a catalogue if you haven’t already got one and just raise it if you want to bid.
- If you wish, a member of the National Property Auctions team can sit alongside you during the auction and give any guidance that you feel you need.
- By proxy: If you can’t be at the auction you can submit a bid in writing on a proxy bidding form and authorise National Property Auctions to act for you.
- We will bid in the auction room on your behalf up to your maximum.
- We do not automatically offer your max amount; we try to buy for you at the lowest amount possible.
By telephone: A telephone bidding service is also available to those unable to attend, but you will need to make the necessary arrangements with National Property Auctions prior to auction day. You bid on the property during the auction whilst on the telephone to a member of the National Property Auctions team.
- We will call you a few minutes prior to your chosen property being offered for sale, repeat the Auctioneers words to you and you instruct the team member when and how much you wish to bid.
- Via the internet: you can bid during the live auction
Contact us for a proxy, telephone or internet bidding form. Then send us your completed form with your deposit cheque and Auction administration fee.
- Determine your budget before the auction and include all costs that will occur after a successful bid, such as professional fees, stamp duty, Auction fee etc.
- Set a maximum bid level before the auction and make sure you stick to it to ensure you do not get carried away and exceed your means.
- With the open bidding process at auctions, you will only ever pay one bid higher than the under bidder. In a traditional setting, where closed bids are used, you could end up paying substantially higher than the next highest bidder.
Some vendors will consider an offer prior to going to auction. If you’re interested in a property let us know as soon as possible.
Auction Day Tips
- Always check before the auction that the property you are interested in has not been withdrawn prior.
- Registration: Arrive at the auction in plenty of time. Those wishing to bid need to register before the auction starts. This involves you completing a registration form and showing your proof of identification and proof of residence e.g. passport and council tax bill or driving licence and bank statement.
- Make sure you are in clear view of the auctioneer’s rostrum.
- Check last minute changes to catalogue entries which will be handed out on an ‘addendum’ at the auction.
- If you have any queries prior to the start of the auction, please speak to either our auctioneer or a member of the National Property Auctions team.
- Ensure you make it clear when you wish to bid on a property by holding up your hand, a catalogue or your unique bidding number (which will have been given to you when you registered).
- If you wish to bid a different amount than is being offered by the auctioneer, you can shout this out.
- If you can’t make the auction you can still bid by phone or have someone bid on your behalf i.e. proxy bidding. Please contact us on 0203 793 4755 if you would like to organise this.
What happens after the fall of the gavel?
- If your bid was successful, at the fall of the gavel you legally own the property. You then have to go to the National Property Auctions Desk to organise payment of your deposit and sign a contract of sale.