Buyers Frequently Asked Questions

Saturday, March 27, 2010

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Q. Why buy at auction?
A. Transparency and value for money. You decide the price of a house rather than an estate agent.
 
Q. What is a starting bid?
A. This is the price at which bidding begins.
 
Q. What is a conditional auction?
A. This is specifically aimed at the residential market where the vendor will agree to give you an exclusivity period of 28 days to exchange contracts.
 
Q. How do I bid?
A. You can bid in person, by telephone, in writing or on the internet.
 
Q. Can I appoint a bidder?
A. Yes. Some people authorize an agent to act on their behalf.
 
Q. Can you arrange finance?
A. Yes, we have an arrangement with one of the country’s largest mortgage brokers.
 
Q. What is the buyers’ premium and what is it used for?
A. The buyer pays 5%+VAT. The seller does not pay an entry fee or sale fee. This is Pattinson’s only remuneration which is payable when the hammer hits the gavel or the sale is otherwise confirmed.
 
 
Q. Can you recommend solicitors?
A. We have an arrangement with one of the country’s longest established conveyancing practices.
 
 
Q. How much is the deposit?
A. On a binding auction a 10% deposit is payable, subject to a minimum of £5000.
On a conditional auction a £3000 deposit is payable
 
Q. Am I committed to buy in a conditional auction?
A. No, but you lose your deposit and buyers’ premium unless you exchange within 28 days of receipt of contract and complete as per sellers requirement.
 
Q. What do I need to bring to the auction?
A. You need ID and a form of payment. We take credit (with a small charge) and debit cards.