Dee Atkinson & Harrison

A Guide to Buying at Auction: By an expert auctioneer based in Driffield, East Yorkshire

Buying at auction couldn't be easier. Unlike traditional sales through an estate agent, there are fixed timescales in place, so you know what you need to do and when you need to do it, meaning you could be picking up the keys to your new property in no time at all.

As professional auctioneers, we have a wide range of properties entering our auctions, including residential, commercial, redevelopment or building plots, you are bound to find the right property for you. We are based in Driffield and Beverley, East Yorkshire and our region covers from the Humber in the South, out to Goole, and North all the way up to Scarborough and Malton

If you have any questions, please contact the Auction House team.

Buyers 10 Steps to Auction Success

Requirements

Auctions aren't right for everyone, so make sure you understand the process before you place a bid.
Be sure about what you are looking for in a property and you have fully researched any lots you are interested in. Once the hammer falls, there is no going back if you change your mind.

Search

Register for our Property Alerts to be kept up to date by email with all the latest lots that match your requirements.
Speak to the local Auction House office to receive information about upcoming auctions, auction catalogues and late entries.

Details

When you have found a property you are interested in, look at the particulars on our website which will contain details about the lot including photos, guide prices and floor plans.
You may also wish to look through the catalogue which is available on our website normally two weeks before an auction date.

Open Days

Make sure to attend one of the open house viewings and ask any questions you may have to one of the team.
If possible, visit the property again at another viewing if you are interested, and also take someone with you to help you make a better judgement before deciding to bid.

Survey

As a property at auction may not be in the best condition, it is important to consider having a survey or inspection before you choose to bid.
Make sure you have received any reports before the auction so you can make an informed decision before bidding begins.

Legal

Appoint solicitors as early in the process as possible.
They will need to inspect the legal packs for any properties you are interested in and check other information such as searches and planning permission, which are all available online.
Their advice at this stage could prove invaluable as you cannot change your mind after the hammer falls and you have exchanged contracts.

Finance

On the day of the auction, you will need 10% of the purchase price (subject to a minimum amount), any buyers premium, as well as the auctioneer's administration charge. These figures can be found in the catalogue.
The remainder of the purchase price and fees will be needed for completion (usually within 28 days of the auction).
You can organise this with your financial advisor, bank, or by using short-term finance. Read our Specialist Auction Finance guide for more information.
It is important to also speak with your insurers, as after exchange, you will be responsible for the insurance of the property.

Plan

Before arriving at the auction, determine your bid. You need to take into consideration all costs incurred with a successful bid, such as fees and stamp duty.
Set a maximum bid level beforehand and make sure you do not get carried away and exceed your means.

Auction Day

Make sure you check the addendum list which will list any lots that have been withdrawn or sold prior, postponed until a later auction date or any last-minute changes to the catalogue entries.
Due to Coronavirus, our auctions are currently being held online. Go to www.auctionhouse.co.uk/hullandeastyorkshire and register to bid well in advance of the auction closing time.
Pre-registration is required including submission of proof of ID and address.
Below is a short video that explains the registration and bidding process

If you have any questions, make sure to ask one of the Auction House team before the start of the auction.
At 6.30 pm on the day of the auction, bidding on the first lot will end unless someone places a bid in the last 60 seconds. if they do then the auction will be extended by a further 60 seconds. this continues until no bids are placed in the last 60 seconds. If the reserve price has been met and you are the highest bidder then you have won the auction and are legally bound to purchase the lot.
Please be aware that most lots carry a buyers administration charge of £625 + VAT (£750 inc VAT) and a buyers premium of at least £480 inc. VAT. Details of the exact amount will be listed in the individual property descriptions.
You should also check the special conditions in the legal documents for details of any other charges that you will be liable to pay the vendor.

Afterwards

When the virtual hammer falls, you have exchanged contracts and have entered a legally binding sale.
A member of the auction team will call you to take you deposit payment of 10% (subject to a minimum of £3,000) plus the buyers premium and admin fee.
If a property fails to reach its reserve and it is not sold, you can speak with a member of the Auction House team to express an interest. It may be possible to negotiate a sale after the auction, which would proceed under normal auction rules.

Please take a few moments to watch a short video that explains the process

Sales > Auction House > Buying at Auction

Buying at Auction