Understating the implications of your bid
At Barney Estates & Auctioneers, we make things clear in terms of expectations, liabilities and risks involved, when bidding at our auction. However, it's still vitally important that buyers carry out all their own due diligence prior to any bid so that they know what to expect.
What happens if things don't work out
Buyers are legally bound
Once the gavel falls, and you are the highest bidder, you are required to pay the deposit immediately.
Following this, you are legally bound to purchase the property in question, given you have won the bid.
You would have up to 28-days to complete your transaction, however, in some cases, it can be longer depending on what is outlined in the legal documentation for that property.
Therefore, it's always crucial that you have everything in check financially, before making any bid.
Sellers are also legally bound
Unlike traditional estate agencies, where offers are made and sellers can choose to accept or decline them, auctions work very differently.
Once the highest bid has been made and has also met the reserve price of the lot, the seller has no choice but to legally sell that property to the highest bidder.
Therefore, the seller can not decline the completion of the sale, as they are legally required to.
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* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.