There are many reasons to buy a property at auction. Motivated vendors ensure properties are available at desireable prices and the open nature of the public auction means all sorts of interesting lots appear for sale. On this page you will find an in depth guide to buying a property at auction...

why buy at auction?

• Investors - Large volumes of similar stock are offered at the same time suiting property professionals looking to build portfolios. Vendors are motivated to achieve sales and we ensure pricing is competitive.

• Equal Opportunity - All bidders are on the same level playing field. The property is available for sale on a set day for all interested parties so everyone can have an equal chance of buying. Bidding is conducted in a public Auction room. You can see who is bidding and how much they pay.

• No Over Bidding - You will only ever pay one bid higher than the under bidder compared with traditional closed tender where the winning bidder may be substantially higher than the under bidder.

• Safe Purchasing - There is no danger of the vendor 'pulling out' as the contract of sale is binding as soon as the gavel falls. A missive is concluded on the fall of the hammer and the purchase is completed in a known timescale.

• More Choice - Auctions often offer a unique mix of properties not easily found through estate agency and can include repossessions or properties in need of renovation or modernisation.
  
  
• Motivated Vendors - A vendor may consider an offer before or after the auction providing the sale proceeds on Auction terms and a suitable price is agreed. Contact us if you wish to offer on any property and we will negotiate with the vendor on your behalf.

Step by Step buyers Guide...

1. Selecting the Property
The Catalogue of Entries is available 3 weeks prior to an auction date. You can view the Catalogue on our website or request a catalogue to be sent to you by post or email by contacting our offices.

The catalogue contains a description & images of each property on offer. The Guide Price should give you an indication of what a particular property may be expected to fetch, but this is simply the auctioneer's estimated value.

2. Viewing
The viewing arrangements for each of the properties on offer are listed in this catalogue against each lot. If open viewing dates are set for the property then select a date/time which suits and register to attend on-line or by calling our office. You should view the property as soon as possible to give yourself time to make all other necessary arrangements and be sure that the property suits your needs.

3. Notes of Interest
If you are interested in a particular property you should register your interest with the auctioneers so we can keep you up to date with any new information.

4. Making an Offer Before or After the Auction
You can submit an offer at any time (Pre-Auction or Post-Auction) on any of our properties for the vendor to consider. If the vendor is willing to accept your offer and sell you the property now you will be required to pay an immediate 10% deposit (Min £3,000) to secure the purchase and withdraw the property from being offered at the next auction.

To submit an offer browse to the property schedule on our website then click the "Submit an Offer" link, complete the offer details and submit. We will then contact the vendor with your offer and confirm the result asap.

5. Legal Packs
For every lot that appears in our auction catalogues, we ask the vendors' solicitors to provide us with legal information. This will generally include:

• Special Conditions of Sale,
• Title Deeds, Office Copy Entries,
• Searches (if applied for),
• Leases (if applicable),
• and any other pertinent information.

You can request a Legal Pack prior to the auction. Legal Packs cost £20 per issue. To order please phone or email our offices. Legal packs are also available for inspection at our offices or at the auction venue from 6pm onwards.

6. At the Auction
This catalogue provides details of where and when the auction is being held. You should arrive early at the auction and register to receive a bidding number. A photo ID will be required to obtain a bidders number. You should also check in the auction room prior to the auction commencing to see if any amendments have been issued by the auctioneers.

** Can't Make The Auction? You can still make a telephone or proxy bid on the property...

Proxy and Telephone Bidders Form

7. Deposit
If you are successful in purchasing a property at auction you will be required to pay a deposit on the date of the auction, prior to leaving the auction room so you should certainly organise this deposit in advance. The deposit is payable by cash, debit or credit card (please note there is a 2.1% surcharge for credit cards). The standard deposit is 10% or minimum of £3,000. A vendor may request a higher deposit so please check the special conditions to see if a higher deposit applies to your property. An administration fee of £750 +vat is also payable at this time.

Deposits are placed as per our terms and conditions of sale. Please click the below link to view now...

Terms & Conditions of Sale

8. Completion Date
The standard completion time is 28 days from the auction date. At this time you will be required to pay the balance of the auction amount through your solicitor. A vendor may request a quicker completion so please check the special conditions to see the completion time which applies to your property.

If you have any further questions regarding the auction procedure please contact one of our auction team...

Phone: 0141-632-6599 or Email: info@futurepropertyauctions.co.uk