There’s only one rule to buying at auction and that’s due diligence, due diligence and more due diligence. If you follow this rule and you will not go wrong when buying. Different deals suit different buyers, but if you take the time to look over the legal pack, home report (where applicable) and look at comparable sales for the area then you will know your own purchase margins. Unless you are comfortable with the location then we would recommend an open viewing to know the general condition of the property and the locale it is in. If you do not already have an appointed solicitor then we can provide one, or you can instruct one yourself. At this point you can have your legal representative look over the legal pack should you wish.
Once you have satisfied yourself that the property you are interested in is still suitable you will register you interest so that you can bid. Please remember that without verified registration, which will include payment details, proof of address and identity you will not be able to bid. It is advised that this is done 24hrs prior to auction to secure a bidding position and have your details verified as correct. All details are held securely and will be deleted once the bidding has completed if you are not the successful bidder.
You will need to complete our online money laundering application and will require to have one of the following forms of identification:
Buying Options.
If you are the winning bidder, we will notify you with instructions to pay the Buyers Premium*. Then you and both solicitors will receive an email to confirm that you have successfully secured the property. You will be required to pay a 10% deposit of your winning bid, this will be held by Brighton & Beck and released to your solicitor 24 hours prior to settlement.
You are now ready to offer. Happy Bidding!
Here is a step by step guide to buying:
* The Auction company will take a non-refundable buyers fee. Please T&C’s.
** We highly recommend using one of our partner solicitors, which are well versed with the Auction process. We have specially chosen solicitors for both English and Scottish sales to make sure the process is smooth and settled within the time required.