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Wednesday, April 30, 2008
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The first thing to do before a property auction is to calculate the expenses and think whether you are ready for the bid. If once the reserve has been met the seller is officially obliged to sell the property to the highest bidder. The auctioneers are masters at gradually pushing up the price. Bids tend to go up in usually £5,000 jumps, then £1,000 and at last £500 with the auctioneer charming every final penny out of the bidder. If your bid is victorious, then you should have to sign a legally required contract immediately after the auction and pay ten per cent of the closing price on the spot - using either a cleared cheque or a banker's draft. Cash would not be accepted.
The two golden rules for the buyers are
*First, get an answer to all questions that you have before the auction.
*Second, at the sale, set your own limit and stick to it. If you think you'll get carried away by the process, then send someone else to bid on your behalf. Or else you could place a proxy bid that will fix the amount you are prepared to pay. Always try to attend an auction before you begin bidding yourself.
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