Auctions allowing for contracts are exchanged immediately without any lengthy discussions or delays. Most Auctioneers sell homes across the UK which allows buyers to invest anywhere that suits your needs.
If you’re thinking of purchasing a cheap houses for sale in Gambia during one auction, learning everything you can about the property as well as the auction process prior to bidding is vital.
A Guide For Buying Property Through Auction
Research
All property information including legal details and dates for future auctions can be obtained from the auctioneers.
Find The Lots
An up-to-date catalogue is available from auctioneers. Go through the catalogue to find the items that could be interesting.
Guide Prices
Guide Prices aren’t necessarily figures that indicate when a property will be sold; they are intended to serve as suggestions of the buyer’s maximum expectations. They are subject to fluctuation over the course of the marketing period, therefore it is important to regularly review the guide prices.
You can find them through the websites listed in the section “guide price”. If you sign-up as a subscriber, you will typically receive the guide prices via email.
Inspection/Viewing Of Property
It is recommended to go look over the property prior to making a purchase. To schedule a viewing of an item, adhere to the guidelines on the website for the lot or, if there’s no instructions, call with the offices of the specific auctioneer to make an appointment for you.
Legal Documentation
If you’d like special Gambia homes for sale conditions or legal documentation of any item, you can call an office for the specific auctioneer.
Documents can be downloaded on the website at no cost, or they can be obtained from the solicitors who represent the vendors generally at a cost to cover the cost of copying. Details of the solicitors for each lot may generally be located on the lot page, or in the catalogue.
If you require further legal details, please contact the solicitor of the seller. Legal information will typically be available to inspect in the auction room but this isn’t a guarantee.
Make sure you are buying in accordance with the terms and conditions of the contract, regardless of whether you’ve gone through the terms. It is essential to consult the solicitors of the seller prior to the sale to make sure that you have any documentation later on.
Changes/Addendas To Property Information
Sometimes, changes must be added to the information on the lot as well as the special conditions of buy house in Gambia. These are available at the bottom of our website, on the page under “Addendum”.
Before bidding, it is important to check for any changes that might be occurring, even prior to one day before the date of auction.
Sales Prior To The Auction
In certain instances, a seller may decide to sell his home prior to an auction. It is worthwhile to register the interest you have in a certain parcel with the Auction Team as they will keep you inform in the event of any chance of the property being auction prior to sale.
You are able to submit your offer at any point until the time of the auction. However, should your bid be accept, you must be able to swap contracts and pay the money immediately.
Arrange For Finance
If you win the bid for a property , you’ll be require to make an initial 10 percent advance on auction day. Make sure you have the funds to close the Gambia property for sale before the auction.
You Can’t Make It To The Auction?
Proxy, Telephone, Internet Bidding
If you’re unable to attend the real estate companies in Gambia you can place your bid via telephone or proxy in writing (where you state your maximum bid, and the auctioneer will bid in your name) or online. The auctioneers involve should be contact in order to arrange the arrangement.
Find Out Whether The Property Is In The Market
Potential buyers should make sure check out the website or phone the day prior to the auction to make sure that the auction items they are interest in are still in stock.
Know All Terms And Conditions
Auctions are distinct from purchasing privately. Potential buyers should ensure whether they’ve read and comprehend all legal documents, terms and conditions.
Prior To The Auction
Things to take with you:
Your Catalogue
Cheque book that contains at minimum one cheque per lot. Be aware that neither cash, credit or debit cards are accept.
Identification: Either Your Driving License Or Passport
(for Photo ID)
The details of the solicitors that you are planning to use
Registration
If it is not on the web lot page, or mentioned in the catalog for a specific lot, there is no have to sign up. Simply collect the order for sale (see below) as well as the most recent supplement (see further below) and then sit.
Order Of Sale
This is an exhaustive and up-to-date list of all the items that will be auction on the day, and in which order. Some of the be or withdraw earlier, so be sure to review this list attentively to ensure that the property you’ve purchase is being.
Auction
Addendum
Sometimes, changes must be to the information on the as well as the special conditions of sale. Before you place your bid, it’s important to review the addendum in the printed version and listen to announcements regarding the changes that might be occurring as these changes are in the Memorandum of Sale.
The Auction Will Begin
The auction will begin immediately at the time state in the catalogue. Auctioneers will make a number of announcements concerning the auction process. The auctioneer’s announcements about the pre-sale will be publish in the catalogue, and it will be post on the website.
Bidding
Auctioneers will make announcements about every lot, and will also mention any changes that are at the last minute. The lot’s number is typically show on a screen adjacent to the auctioneer. It will also display the previous bid on the auction.
Auctioneers will solicit bids at a specific level and you are able to make that bid by raising your hand or catalog. The auction room is likely to be full, so be sure to make your bids explicit and ensure that you are getting the attention of the auctioneer.
All properties will be offer for sale with an unannounce reserve amount (unless stipulate otherwise). Auctioneers will determine the bidding increments , and each property is ‘knock down for the bidder with the in the event that the reserve price is reach or over.
Be aware that any questions are not answer by the auctioneer on the floor until the auction has. If you have questions at the last minute it is best to speak with one of the auctioneers’ team. If you are unsure you are unsure, don’t make a bid.
Identification
If you are ask to provide a Photo ID so you should bring your driver’s licence or passport.
Exchange Of Contract
After filling the slip for the buyer and presenting your payment after which you will be present with the amount card in lieu of receipt. In about 10-15 minutes, you will need to go to the counter for contracts inside the room. Hand this card to the personnel at the desk, who will be ask for a signature on your Memorandum of Sale.
You’ll take the contract of the vendor and then give it to the solicitor. You must send your complete contract directly to your Vendor’s lawyer, and it will be complete in accordance with the particular sales conditions.
Don’t Leave The Auction House Without Signing The Contract.
It is important to note that once the purchase has be complete the vendor is accountable for the insurance for the property.
Lots That Are Not Sold
If the property you want to purchase is not it is recommend that you make sure you register your best with the auctioneer prior to leaving your auction space.
Results
Results are sometimes available on the website following the auction.
