Understating the implications of selling
At Barney Estates & Auctioneers, we make things clear in terms of expectations, liabilities and risks involved, when selling at our auction.
What happens if things don't work out
Sellers are 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, you have no choice but to legally sell that property to the highest bidder.
Therefore, you can not decline the completion of the sale, as you are then legally required to sell the property.
Buyers are legally bound
Once the gavel falls, and you have a highest bidder who has also met the reserve price, the buyer is required to pay the deposit immediately.
Following this, the buyer is then legally bound to purchase the property, given that they have won the lot.
The buyer would have around 28-days to complete their transaction, however, in some cases, it can be longer depending on what is outlined in your legal pack for the property.
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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.