Worcestershire Estate Agents and Auctioneers - John Sanders
AUCTION PROCEDURE
1. Auction Times:
Unless otherwise stated, John Sanders auctions are held in the Function Room at Bromsgrove Golf Centre, Stratford Road, Bromsgrove B60 1LD, telephone 01527 575886. There is plenty of car parking available on site.
Unless otherwise stated, auctions start at 5pm to the minute, with each auction lot only taking a few minutes to sell, generally by 5.30pm the auction is completed.
2. Auction Process:
The auction process is simple and clear cut. During the advertising period, purchasers should, if they so wish, make their own independent enquiries about the property, inspect the auction pack and, if so required, carry out their own independent structural survey of the property. If necessary, the purchasers would generally arrange funding prior to bidding, both to ensure that relevant monies are available to pay, firstly the 10% deposit at the auction and the remaining 90% of the monies upon completion, which is normally four weeks after the auction, unless otherwise stated in the sales particulars and contract.
When the auction commences, the auctioneer will make it clear the order of sale and which lot is being sold. Prospective purchasers or anyone bidding on behalf of the purchasers should make themselves clearly visible to enable the auctioneer to see them bidding. If the auctioneer cannot see you bidding, you have no recourse to John Sanders or the vendors after the auction. The successful bidder will be required to sign the contract immediately after the auction and pay a 10% deposit by means of a private cheque or banker’s draft, payable to the vendor’s solicitors.
John Sanders will not accept bids either by telephone or Internet. Prospective purchasers or their appointed party are required to attend the auction in person.
If prospective purchasers cannot attend the auction, it is normal practice for them to appoint either a family member or their solicitor/surveyor, the latter of whom may make a charge for this service and will require the relevant documentation to be signed in readiness for the auction, confirming their authorisation to bid.
3. Auction Pack, Contract & Searches:
It is the responsibility of the purchaser to inspect the contract pack prior to the auction. Tthe auction pack usually contains proof of title, the relevant searches and the auction contract. The auction packs are generally available for the two weeks running up to the auction at either the vendor’s solicitor’s offices or at the relevant John Sanders office.
4. Guide Price:
John Sanders normally advertise each property going to auction with a guide price. The guide price is what we consider, in our professional opinion, to be a realistic indication as to the lower and upper limits of the particular lot’s value. This is not to say that in the auction room the eventual sale price will be within this guide price and purchasers should make their own independent enquiries with a suitable valuer if they so wish, to satisfy themselves as to values.
5. Reserve:
All properties that are put to auction are sold with a reserve. This is a figure that it is set confidentially between the vendor and John Sanders and purchasers will not be made aware of what the reserve price will be. Generally speaking, John Sanders’s policy is to set the reserve within the guide price.
6. Buyer’s Premium:
The buyer’s premium is paid in respect of each lot purchased in the sum of £500 plus VAT, unless otherwise stated. These monies are paid to the vendor’s solicitors upon completion.
7. Identification:
Following the introduction of money laundering regulations, we are required by law to obtain proof of identification of the purchaser or purchasers in the form of either a passport or photo card driving licence, together with a recent utility bill. If these cannot be provided at the auction, please provide them within 24 hours thereafter to the offices of John Sanders Chartered Surveyors or acting solicitors.
8. Registration:
Vendors are not required to pre-register with John Sanders prior to bidding.
For any further queries concerning the auction procedure, please contact the relevant John Sanders Office:
Bromsgrove – 01527 575525
Worcester – 01905 726220