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Auction FAQ's

What does the catalogue tell me?

Should I inspect the property?

What do guide prices and reserves mean?

Do I need a solicitor?

Can I make an offer for a property before the actual auction?

What financial arrangements do I need to make?

When do I need to insure the property?

What if I want to buy a property but can't attend the auction?

Do I need any proof of identity when buying a property?

What happens if the property is not sold in the auction room?

What does the catalogue tell me?

The catalogue gives you a description of the property, details on how to make arrangements to view, and explains the General Conditions of Sale. It is important that you read these.

Should I inspect the property?

It is advisable to inspect a property before the auction; however, this is not always possible in the case of tenanted properties. Anyone who is unsure or has doubts about a property is recommended to seek professional advice from a surveyor.

What do guide prices and reserves mean?

A guide price will be provided to interested parties prior to the Auction, and gives an indication of the price at which the property is expected to sell. Guide prices are likely to change and prospective buyers are advised to seek up to date information from the auctioneers. Guide prices are also available on the auctioneers website.

The reserve price is the lowest price the seller will accept and is confidential. The reserve may be higher or lower than the guide price. If bids do not reach the reserve price, the lot will be withdrawn from the sale.

Do I need a solicitor?

It is recommended that you do not bid unless you have instructed a solicitor, although he/she need not be in attendance at the auction itself. All legal documents relating to the sale will be available for inspection until the day of the auction at the solicitor’s office.

Can I make an offer for a property before the actual auction?

You may bid for a property at any time. If you wish to buy a property prior to the auction please contact the Auctioneer.

What financial arrangements do I need to make?

It is essential that you have adequate finance to purchase any property you intend to bid for. A successful bid is a legally binding contract. On the day of the auction, you will have to pay a deposit of 10% of the sale price, with a minimum of £1,000. This must be paid by cheque. Cash and credit or debit cards are unacceptable.

Completion of sale will take place 28 days after the date of the auction, at which time the balance of the purchase price, plus legal fees and surveyors’ fees, must be paid.

When do I need to insure the property?

Exchange of contracts takes place when the Auctioneer’s hammer falls and you are liable for insurance from that time. It is wise to make arrangements in advance. You will not, however, be entitled to keys or access to the premises until the sale is completed.

What if I want to buy a property but can’t attend the auction?

You are advised to attend the auction if you are interested in bidding. However, if this is impossible a member of the auction team can bid on your behalf. If you wish to proceed in this way, you will need to complete the “telephone/proxy bid” form in the brochure and send this to the auctioneer.

Do I need any proof of identity when buying a property?

Buyers will need to provide proof of their identity in the form of a driver’s licence or passport.

What happens if the property is not sold in the auction room?

If you are interested in buying an unsold lot, you can speak to the auctioneers after the auction or subsequently contact the surveyor dealing with the property.

For more information on our auctions please visit ColliersCRE.

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