Quick Tip of the Week!
Posted Jul 12, 2006
… and you can get a great bargain BUT it’s important not to think of this as a popular board game! Be sure you know the upper limit you want to go to and be careful not to get carried away in a bidding war that could leave you with property you can't afford.
There will be fees to pay as well. Before the auction, ensure you've viewed thoroughly the property and examined the legal documentation relating to it. You can't change your mind after the fall of the hammer.
Normally, a property will have a reserve price on it which means that it will not 'come under the hammer' unless and until that price is reached. If, however, a lot is advertised as being 'without reserve' it means that the auctioneer is bound to accept the highest bid, whatever it is and this can be great for you!
If it's your first time at an auction do speak to the auctioneers first, I find them a great bunch always willing to offer help and advice…so long as you ask
There will be fees to pay as well. Before the auction, ensure you've viewed thoroughly the property and examined the legal documentation relating to it. You can't change your mind after the fall of the hammer.
Normally, a property will have a reserve price on it which means that it will not 'come under the hammer' unless and until that price is reached. If, however, a lot is advertised as being 'without reserve' it means that the auctioneer is bound to accept the highest bid, whatever it is and this can be great for you!
If it's your first time at an auction do speak to the auctioneers first, I find them a great bunch always willing to offer help and advice…so long as you ask
