A guide price is an indication of what the property is worth and not necessarily the figure at which the property will sell. Prices achieved at auction may be lower or higher than the guide price. Guide prices can often be updated before an auction so always check you have the most recent list.
A reserve price is the lowest price that a vendor will accept. This is normally agreed between the vendor and the Auction house and cannot be disclosed to interested parties.
The addendum details any revisions or additions to information in the auction contained in the catalogue. Addendums are updated constantly and it is important that you check this information before bidding on any lot.
It is often possible to inspect a property prior to an auction, unless the property is occupied. It is always stated in the catalogue if an inspection has been made by the auction house or not, but if you are in any doubt we would advise you to seek professional advice.
Immediately following a successful bid, you will be required to sign contracts and pay a 10% deposit which can be paid by cheque, debit cards or bankers draft but are subject to charges.
You will also be obliged to pay an administration fee, payable at the same time as the contractual deposit on each lot. It is important to remember that once you make a successful bid, you are then legally bound to purchase the property in full as in an auction properties are not sold 'subject to contract', 'subject to finance' or 'subject to survey'. The remaining balance is usually payable within 28 days.
Vendors will often consider offers made before the auction day, but they should be made in writing via post, fax or email. Once this is received we can pass it on to the vendor and will then contact you with his/her instruction. Please note however that you must be in a position to exchange and pay your deposit before the auction day.
Should you have any other questions that have not been covered here please call one of our advisors on 0330 031 8832.