Auctions can be a highly effective way of purchasing property at competitive prices. But be warned, there is more to property auctions than simply turning up and landing yourself a bargain.
Here is the in-depth Eddisons guide to Buying Property at Auction - a must-read for any auction goer, particularly if you haven't visited an Eddisons auction before.
Prior to Auction Sale
Legal documents for each property can be viewed before the auction. These can be viewed on our website or by appointment at our office in Leeds. You can also view the common auction conditions which are applicable to our Property Auctions.
Property viewing arrangements are shown on the website and requests can be made online or by telephoning 0845 505 1200. It is recommended that properties are viewed before the sale.
Contact the auction department on 0845 505 1200 close to the date of the auction to ensure that the property is still available and to obtain an update on the auction.
Proof of Identity
If you are interested in bidding at our Leeds and Manchester auctions you MUST provide two forms of identification as detailed below.
IF YOU DO NOT PROVIDE THIS IDENTIFICATION, YOU WILL BE UNABLE TO BID
Once you have registered, you will be provided with a personalised photo identity card which you will need to bring to subsequent auctions, thereby dispensing with the need to provide two forms of identification at every auction.
Successful bidders are required to provide Eddisons with proof of identity and proof of current residential address by producing the following documents prior to signing the contract at the auction:
If the bidder is acting on behalf of a limited company, the bidder will be required to provide personal proof of name and address and in addition:
On Auction Day
Bring a personal or business cheque book to the auction to pay for any properties you purchase. Do not bring cash. You should also ensure that your finance is in place before you bid for a property.
Arrive early at the auction as space is sometimes limited. When bidding ensure that this is done clearly. If you are out of town on the day of the auction, proxy or telephone bidding can be arranged in advance.
If you are successful with your bid, please report to Eddisons staff who will take you through the signing of contracts.
How to Bid Remotely
If you wish to bid for a property without being present in the auction room, you can download the necessary forms and terms and conditions for proxy or telephone bidders here. Please be aware that there are certain requirements which you have to meet in order to use this facility which are detailed on each form.
Please note that certified copies of photographic ID (passport or new style driving license) along with proof of address (recent utility bill or bank statement) must be sent along with telephone or proxy bidding forms. The photographic identification must be certified as a true likeness by a professional adviser e.g. solicitor, bank manager, accountant, financial adviser.
Please contact our auction team on 0845 505 1200 to discuss your requirements and to confirm receipt of the completed forms. Please note, the completed forms, certified identification and signed cheques must be received by the appropriate office 24 hours prior to an auction.
1. Prospective Purchasers are advised:
2. Reserve Price: unless otherwise stated all property is sold subject to a reserve price whether declared or not. The reserve is the seller's minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
3. Guide Prices: an indication of the seller's current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range us agreed between the seller and the auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
4. Procedure and Payment: the fall of the hammer at the final acceptable bid constitutes a binding contract and the purchaser is required to pay 10% of the purchase price, cheques being made payable to Eddisons. We do not accept cash.
Completion of the sale and payment of the balance of the purchase money takes place four weeks later unless the conditions of sale provide otherwise.
5. Location Plans are provided to enable prospective purchasers to locate the property only. They are photographically reproduced and therefore not to scale and are expressly excluded from any contract. Arrows and other marking on photographs or plans are also to enable the purchaser to locate the property only. Plans based on the ordnance survey are with the sanction of the controller HM Stationery Office, Crown copyright reserved.
6. Rateable Values are obtained on verbal enquires to the Local Authority and no responsibility is accepted for any error or omission.
7. Viewing is at the prospective purchasers own risk, a torch is sometimes needed and great care should be taken at all times.
8. Late Check. Purchasers should check that any particular property is still in the sale.
You can find the auction diary for all of our Leeds, Manchester and London property auctions. The diary shows the auction date and the closing date for entries into the catalogue.View All Auction Dates
Find out more about Property Auctions in our popular FAQs