Auctions Sales Lettings Management
Auction procedures
Sales procedures
Notes for those interested to bid at auction
Notes for those interested to sell by auction
• Firstly make an appointment to view the property.
• First make an appointment with the Auctioneer for a free valuation.
• Catalogue and Legal packs can be viewed online at www.hunterspropertyauctions.co.uk Legal packs are available to view at our offices: Apollo House, Eboracum Way, Off Heworth Green, York YO31 7RE. All legal information will be available in the auction room on day of sale. Copies of legal packs may be purchased from us. Call 01904 756116. The cost is £25 plus vat. This can be paid by telephone.
• Set a guide price with the Auctioneer. • Agree commission rates, sign Marketing Agreement/contract and pay the entry fee £500 plus VAT. • Agree arrangements for viewings. • Approve the text for the catalogue and all marketing.
• At auction you may bid on any property you are interested in. We require a banker’s draft for approximately 10% of the GUIDE PRICE.
• Instruct solicitors to prepare a Legal Pack to ensure legal exchange of contracts on the night of the auction. This should be available at least 2 weeks prior to the auction.
• You will need to bring: – I.D. – Driving licence or passport & recent utility bills
• Get regular updates from the Auctioneer prior to the auction night. • Set and agree a reserve price.
• At the fall of the hammer the sale is legalIy binding and you will be expected to complete the contracts straight after the auction. Do not bid if you are unsure of your financial position.
• Attend the auction if you wish to. • The successful bidder will pay a 10% deposit and exchange contracts on the night of the auction with legal completion to follow within 28 days.
• Telephone bids are acceptable by prior arrangement. We need 5 days prior notice of any telephone bidders. • All sales on the night will be due for completion within 28 days unless stated differently by the auctioneer.
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Definitions
GUIDE PRICE: An indication of the seller’s current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers in deciding whether or not to pursue a purchase. It is usual, but not always the case that a provisional reserve range is agreed between the seller and the auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the auction. RESERVE PRICE: The seller’s minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve can and may be subject to change up to and including the day of the auction.
York Auctions 01904 756116
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hunterspropertyauctions.co.uk