Property Auctions England: A Buyer's Guide
by Edward D Parry
With the popularity of property auctions, England is now home to many potential buyers who may not know everything there is to know about making a purchase in such events. Auctions are not a first-come first-served type of transactions. They are like a contest wherein those who have the ability to pay more than the rest will end as the winner.
Different countries may have different requirements and such for their auctions but property auctions England style normally follow the same pattern. This article will make clear some of these requirements, steps, or knowledge that every potential bidder should know before stepping inside an auction house.
First, all buyers are usually required to register in every auction that they will attend. To be on the safe side, always bring a valid identification card. Auctions are highly secured events because a lot of money is involved. You should therefore be not surprised if registration requirements are a bit stiff and a lot of checking and counter-checking is involved.
Be aware that there are properties which are being sold outside the auction so there is a slight chance that whatever you were planning to buy may no longer be up for sale. This is nothing illegal and you cannot take this against the organizers of the auction. When in comes to property auctions, England respects that this is a private event and that there are rules and guidelines which may seem unfair at the time, but will not be countered.
Next, auctions are not always noisy places. Bidders are usually provided with hand-held numbered cards which they can quietly raise a little above their heads to indicate that they wish to make a bid on a property currently being auctioned. You do not need to bark at the auctioneer if he doesn't see you. There are many assistants designated in the different parts of the room who will gladly assist you.
There is such a thing as a "buyer's Premium". It is important that you ask immediately just how much your expected buyer's Premium is. This can range from five to ten percent of the total amount the property you have just bought. Another thing to keep in mind is the deposit that you must make the same day that you made your purchase. Deposits can either be a small percentage of total amount of the property you won or a fixed amount of money every winner should pay before leaving the venue. Take note that deposits are, more often than not, non-refundable even if you no longer want to continue with the transaction.
Buyers can purchase as many properties as they wish to provided that they pay for each separately. Different properties have different sellers so you can't expect them to share the same cashier's check can you?
There are two types of auctions, and as a buyer, you must be aware of them. The reserve auctions are those which have a confidential minimum amount requirement that must be reached before the property can be officially up for auction. This is usually a safety measure used by sellers to ensure that they will not be getting less than what had actually expected to. If the reserve price of a property is not met, the seller can opt to cancel all bids or accept the highest one and consider his property sold. The second type of auction is the absolute auction where pretty much anything goes. So long as you are the highest bidder, the property will be considered yours.
Lastly, a buyer should know that not all property auctions sell houses and lots. There are many different properties that are sold at auctions. A few examples are:
- automobiles
- real estate
- art
- jewelry
- gold and silver coins, and
- collectibles of all types
- electronics
- household items
- business inventories and
- fixtures
- business inventory liquidations
- dealer close-out merchandise
- private estate items
As a buyer in property auctions England, you should save yourself the humiliation of stepping into the auction house without ample knowledge of the situation you are getting yourself into. It is not enough that you want to buy. There are rules and guidelines which are vital to make all auctions run as smoothly as possible.
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