EXPRESS BRIDGING LOANS

The day of the auction:

1 If possible arrive early at the auction! It is not recommended to arrive "stressed" as this may effect your judgement. If you have any queries simply ask the auctioneer, the staff are usually very approachable and helpful. Ask for a copy of the addendum for any changes in the property details.

2 It is a good idea to get yourself a good position which will enable you to see all the bids that are made. It has been known for a bidder to be actually bidding against himself! Do not worry about making a bid inadvertently, auctioneers can usually tell the difference between a bonified bid and the scratch of a nose. If a mistake does occur, tell the auctioneer straight away, do not wait until the end of the sale.

3 When the lot that you are interested in comes up, the auctioneer usually states the address of the property. Make sure that this is the Lot you wish to bid on - It has been known for people to bid for lots contained in other auction catalogues.

4 For the more excitable people it may be advisable for your solicitor/surveyor to bid on your behalf. This will ensure that you do not get carried away and exceed your limit. A great deal of discipline may be required here!

5 It is usual for most properties to be subject to a reserve price below which the auctioneer cannot sell the property at auction. It is usually made clear at the onset that the property is being sold subject to a reserve price in the catalogue or the conditions of sale, although the reserve price is not usually disclosed. Please bear in mind that the auctioneer will use all his experience to reach the reserve price at the earliest time.

6 When attending a sale, bid for your preferred property up to your limit, but not beyond the top price that you have set yourself. Remember there will usually be another suitable property at a later date.

7 When the auctioneer's hammer falls and you are the last and highest bidder, you are then the successful purchaser and as such are legally committed to the pay the price that you bid and consequently complete the purchase of the property.

8 As the auction forms a binding contract the vendor must also complete the sale on the day under the terms and conditions stipulated in the contract. A higher bid cannot be accepted after the hammer has fallen.

9 Immediately after the sale you will be expected to contact the auctioneers staff to complete the necessary paperwork. They will require your full details and those of your solicitor. These will be used to prepare the Memorandum of Sale that you will be required to sign. The vendor's part of the contract will then be given to you, which you should immediately pass onto your solicitor.

10 At this time you will also be required to pay the deposit, normally 10% but again this point must be confirmed prior to the auction. Many auctioneers will present your cheque for special clearance, so you must ensure that the necessary funds are available.

11 As you will be responsible for the insuring of the property upon the signing of the contract it is advisable to contact your insurers to confirm all relevant details.

12 If the property did not reach the reserve price it is still possible to purchase it. Register your interest with the Auctioneer before leaving the saleroom. Indeed should the vendor be present, this maybe the ideal time to strike a deal.

If you have any doubts or concerns regarding the purchase of any property - do not buy. Cavet Emptor - buyer beware, carries no greater weight in the property market than at auction. YOU HAVE BEEN WARNED!

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