Do you need pre-approval for an auction?
Do you need pre-approval for an auction?
You need to know how much you can afford to bid. An effective way to do this is to seek pre-approval from your lender. Remember an auction contract is not subject to finance.
What do you need to know about selling land at auction?
Where land or property is to be sold at auction, the seller’s solicitor will prepare a sales pack which will be made available to bidders prior to the auction. This pack should contain all important information about the property, including information about the state of the property, searches, plans, and so on.
What happens when I buy a house at auction?
The sales contract itself may contain specific additional conditions, such as a short completion date, fees to be paid, and so on. After the fall of the auctioneer’s hammer, the seller has no responsibility to rectify any defects on the property, and the buyer is bound by the terms of the contact.
Is the auctioneer or auction house ever liable?
Is the auctioneer or auction house ever liable? The contract on an auction sale is with the seller, not the auctioneer, so contractual liability remains with the seller. However, the auctioneer may be liable as a bailee, and/or for misrepresentation, for instance, if the description of the goods was exaggerated.
Do You Keep Your deposit if you sell property at auction?
If the buyer fails to complete – the seller is legally entitled to keep the deposit. Buying and selling land and property at auction involves many legal implications, and expert advice from a property solicitor should be taken.
Where land or property is to be sold at auction, the seller’s solicitor will prepare a sales pack which will be made available to bidders prior to the auction. This pack should contain all important information about the property, including information about the state of the property, searches, plans, and so on.
When to not buy a house at auction?
You should never buy a house at auction if you… …have a very specific vision regarding what your future home should look, feel, and smell like (homes with a lien or in foreclosure are often neglected). If you have some very particular, intractable ideas about what you want and need, skip the auction.
Can a auctioneer withdraw a property from an auction?
The auctioneer can withdraw property from the auction sale before the dropping of the gavel. Additionally, if the bidding is too low, an auctioneer need not sell property. See Pitchfork Ranch Co. v. Bar TL, 615 P.2d 541 (Wy).
Is the auctioneer or auction house ever liable? The contract on an auction sale is with the seller, not the auctioneer, so contractual liability remains with the seller. However, the auctioneer may be liable as a bailee, and/or for misrepresentation, for instance, if the description of the goods was exaggerated.