Thinking Of Buying At Auction

Buying with Countrywide Property Auctions

If you’re thinking of buying a property at auction then you’ve come to the right place. We’re here to provide you with a step-by-step guide highlighting the process of buying property through Countrywide Property Auctions.

 

1. Get an auction catalogue

First things first, you’re going to want to pick up a copy of our current auction catalogue to see what lots we have for auction. You can view these catalogues online, or sign up to our mailing list to receive them by email.

Be prepared for a lot of reading as we consistently have some of the largest auction catalogues in the South West.

 

2. Plan a Viewing and a Survey

You’ve found a property that you like the look of. Great! Most vacant properties will have a virtual tour on our website where you can check out the property’s condition. The next step is to arrange a viewing. We always advise that buyers view the properties before bidding on them for complete satisfaction about their condition.

Similarly, we advise that you have the property surveyed so you are fully aware of everything the property entails. Once you have a surveyor, you can put them in contact with us and we’ll provide them access to the property that you wish to buy.

 

3. Arrange finance

If you’re buying a property using a mortgage then you’ll need to have an agreement in principle before the day of the auction. This is because you’ll have to pay a 10% deposit after the fall of the gavel and provide the rest of the funds within 28 days (unless otherwise stated within the legal pack).

Banks and lenders will usually need to have the property surveyed by themselves before offering you a mortgage so it’s best to apply for your mortgage as soon as possible.

We’re partnered with Inhale Capital to help you finance your purchase.

 

4. Familiarise yourself with the legal documents

Break out the magnifying glass and read the small print. This includes any special conditions of sale, deeds, replies to enquiries and more. We provide all legal packs online, all you need to do is follow the link adjacent to each lot, create an account and you will be updated by email once the legal pack is available.

You’ll be glad once you’re done because your purchase will be subject to all documentation in the legal packs.

If you are unsure of anything within the pack, we strongly advise you consult your Solicitor. If you don’t have one yet, don’t worry, we can recommend a Solicitor from our trusted panel.

 

5. Register for Auction

We need you to register before you can make any bids.

We Offer 3 Ways To Bid At Our Auction.

• Telephone Bidding - A member of the auctions team will telephone you shortly before the lot is offered in the auction room and bid on your behalf subject to your specific instructions.
• Proxy Bidding - you authorise the auctioneer to bid on your behalf in line with the bidding in the auction room up to your specified maximum amount.
• Internet Bidding - You can bid remotely by using our internet bidding service. Upon successful registration you will be granted access to the online bidding system. On the day of the auction please follow the auction 'live' (by clicking the link from the relevant auction page) log in to your account and place your bids accordingly.

To register to bid at the auction you simply have to create an account and follow the steps. Registration closes 24 hours before the start of the auction.

1. Create an account - Creating an account makes it the easiest way to register and bid at our auction
2. Complete proof of funds and identity check - We will require you to pass our verification process and will automatically send you a link to our partners Credas for you to complete the check via their app on your phone or tablet. See our terms and conditions online.
3. Complete the bidding form and agree to terms and conditions. You can bid on multiple lots but we do require one form per lot
4. Submit your payment
   • We will require valid debit card details prior to you being able to bid and will contact you in advance of the auction by telephone to obtain these details.
   • If you are the successful bidder you will be legally bound to pay a 10% deposit subject to a minimum of £3,000, whichever is the greater.
   • You will also pay a Buyers Administration Charge, to the auctioneers of 1.2% of the purchase price subject to a minimum fee of £1,800 including VAT (unless otherwise stated in the property description in the catalogue)
   • Payments can be made by debit card
5. Confirmation - you are ready to bid.

 

6. Going once, going twice...

Now the fun begins! You can bid before the auction if you have registered in advance. Otherwise, bidding will take place during the auction, or after if the property that you want didn’t sell.

If you’re unable to attend the auction in person then you’ll be glad to know that we accept bids online, over the phone, and by proxy.

 

7. Sold!

Congratulations, you have just won your property at auction! You will have to pay a 10% deposit plus the buyer’s fee by card, with the rest of the funds needing to be paid within 28 days, unless otherwise stated within the property’s legal pack.

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Frequently Asked Questions

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