Guide to Buying at Auction
Before the Auction
1. Find out information
Find out as much information as you can; information on all properties, legal information and dates of future auctions can be obtained on the website (www.mpalimited.co.uk) and within the printed catalogue. To obtain a catalogue either join the mailing list by visiting our website or contact the office on 0151 260 9873.
2. Identify the Lots
Make a list of the Lots that are of interest to you. Please note some Lots are sold subject to vacant possession, tenanted or part-vacant.
3. Guide Prices
All Lots are advertised with a published Guide Price. This Guide Price is an indication of the price that the Vendor is expecting to achieve, however, they are not necessarily figures at which a property will sell at. They are only intended to be an indication of the seller’s minimum expectation.
4. Addendum
An Addendum is produced and is available on the day of the auction and on the website (www.mpalimited.co.uk). The Addendum indicates changes that may have occurred to the Lot or the Special Conditions of Sale.
5. Arranging a Viewing
It is always advisable to view the Lots you are interested in. Viewings can be arranged by contacting the Auctioneers direct on 0151 260 9873 or visiting our website. Please note however that we cannot arrange viewings on certain Lots.
6. Registering your interest
Register your interest with the Auctioneer’s on any Lot that is of interest to you. This is to enable us to inform you immediately should the property be withdrawn or Sold Prior.
7. Legal Documentation
Legal Documentation is prepared by the Vendors solicitors and are usually available for inspection prior to the auction on our website or in the office. Legal Packs can be mailed out at a small cost. These documents will help you make an informed decision about the Lot and you should seek further legal advice. Remember that you buy subject to all documentation and terms of contract whether or not you have read them.
8. Surveys
Should you require a survey to be carried out on the Lot, please ask your surveyor to contact us direct to make convenient arrangements.
9. Arrange Finance
Should you be wishing to arrange a mortgage, it is important that you obtain an offer from your lender in principle before the auction day. Make your mortgage application as early as possible as most building societies and banks will wish to instruct a surveyor to prepare a valuation report before making a mortgage offer. You will usually need to complete your purchase up to 20 working days after the day of the auction. You should discuss this with your lenders to make sure that this will not be a problem.
10. Making a pre-auction offer
Offers can be made at any time up to the date of the auction, but if your offer is accepted you will have to be in a position to exchange contracts and pay your deposit immediately. Offers should either be written, faxed or emailed.
11. Proxy/Telephone Bidding
Bidding can be accepted by either Telephone (where we will telephone you when the lot is being auctioned) or Proxy (where you specify your maximum bid and the auctioneer bids on your behalf), should you be unable to attend. Bidding Forms are available online at www.mpalimited.co.uk or in the printed catalogue and must be completed and sent back to us prior to the date of the auction together with a cheque to cover the deposit.
12. Available of property
Potential purchasers are advised to contact the auctioneers either the day before the auction or on the day of the auction to establish whether the Lot they are interested in is still available.
13. Understand all terms and conditions
Buying property at auction is different to buying property privately and it is strongly recommended that potential purchasers check that they have read and understand all various legal documents and terms and conditions.
14. Auctioneer’s pre-sale announcement
If you are planning on bidding at auction you are advised to read the auctioneer’s pre-sale announcement which is available in the printed catalogue and will also be read out by the auctioneer on the day of the auction.
For any further information please feel free to contact our friendly team at MPA on 0151 260 9873 or info@mpalimited.co.uk
