Property Auctions

Auctions of residential, agricultural and commercial freehold properties are conducted by Moore Allen & Innocent. These take place either in the time honoured way at a local hostelry, or at our Norcote Salerooms. Properties that we auction include farms, farmland and paddocks, cottages and houses for renovation, traditional barns for conversion and building sites. The most successful auction properties tend to be slightly rare or unusual.

FORTHCOMING PROPERTY AUCTION

The next property auction will be held at Cirencester on Wednesday, September 24th 2008.

If you are considering selling a property at Auction please contact either Roy Bowyer on 01285 648100 or Mark Hill on 01285 648105 who will be happy to discuss the process and provide a valuation. Our collective property sales are proving to be a very popular fixture in our sales calendar and our experienced team our ideally placed to provide you with all the advice needed to explore this method of property sales.

Property auction dates are subject to change. Please check this website regularly for updates.

Further entries are invited. Suitable properties for sale by auction tend to be slightly rare or unusual.

They can include cottages and houses for renovation, traditional barns, building sites, farms, farmland and paddocks.

BUYING PROPERTY AT PUBLIC AUCTION
These notes are intended to assist potential buyers who are not familiar with the auction process.

• The main difference between buying a property at public auction and purchasing by private treaty is that the successful bidder at auction will be expected to sign a legally binding contract immediately after the auction and make a deposit, which is usually 10% of the purchase price.
• The completion date will be stipulated in the contract and is usually 28 days after the auction date. At this point the balance of the purchase price is payable.
• It is possible that the property could be sold by private treaty prior to the auction. In such circumstances the auctioneers would expect the purchaser to sign the contract and make the deposit in good time prior to the auction.
• As the successful bidder will be bound by the terms and conditions of the contract at the fall of the auctioneer's gavel, it is important that all pre-sale enquiries are made in good time prior to the auction date. We recommend that you should consult your solicitor concerning the terms of the contract.
• It is essential that funding for a prospective purchase is in place in good time prior to the auction date. Decide on the maximum price that you are prepared to pay for a property.

• We recommend that you should arrive at the auction in good time, in case there are any pre-auction announcements which might have a bearing on your willingness to purchase.
• Successful bidders are required to provide proof of identity, name and residential address. Two forms of identification will be required i.e., UK drivers license, passport or recent utility bill.
• The property will probably be sold subject to a reserve price. The auctioneer will announce whether this is the case prior to the auction.
• You may bid yourself or instruct somebody else to bid on your behalf. Please bid clearly. The bidding will be taken very slowly by the auctioneer and he will make certain that you know that he has accepted your bid.
• If the property fails to reach its reserve price and is unsold at auction, the auctioneer will normally have instructions to sell it by private treaty after the auction. If you have unsuccessfully bid for a property which remains unsold, you should register your interest with the auctioneer.

• The timetable for a sale can be set out in advance. The marketing period is normally four to five weeks before the auction date. Completion is generally twenty eight days thereafter.
• Selling by auction provides certainty as the buyer is required to sign a legally binding contract and pay a deposit (normally 10% of the purchase price) at the fall of the auctioneer's gavel.
• Sales by auction are often preferred by executors, trustees, charities etc, as they are completely transparent and at arms length.
• The best type of property to offer for sale by public auction tends to be slightly unusual or rare. It is important that there is likely to be competitive bidding from potential purchasers.
• Prior to placing an auction property on to the open market it is important that the seller has instructed his solicitor who will have prepared all of the necessary legal documentation which can then be made available to prospective buyers.
• Properties are nearly always sold by auction subject to a reserve price below which it may not sell. It is important that the reserve price is agreed with the auctioneer in writing well in advance of the auction date. It is unwise to set the reserve price too high as this will have a detrimental affect on competitive bidding which is necessary for a successful auction to take place.
• A seller does not need to attend the auction as the auctioneer has authority to sign the contract on his behalf and complete the legal formalities.