A Guide to Buying a Property at an Auction with Peter Heron

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Buying At Auction

Buying a property through our online property auction is simple, it gives the buyer flexibility and confidence that they won’t be gazumped or have to re-negotiate at any stage. You can access the website 24 hours a day, giving you the flexibility to bid when and wherever you choose and keep up to date with progress. Our team of local Sunderland property experts will be on hand to advise you at any stage of the process and we can even bid on your behalf.

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The Process

  1. View property details on-line at our auction site or request details from either of our branches. Register your details on our auction site to enable you to bid on a property.
  2. You can bid for a property on the auction site at any time or alternatively you can instruct one of our advisors to place a bid on your behalf. You can keep up-to-date with any progress and manage your bid on-line.
  3. If your bid is accepted you will be required to pay a Reservation Fee. The Modern Method of Auction is what’s known as a conditional auction, and means that upon the acceptance of an offer or at the close of the auction; the buyer must pay a non-refundable reservation fee to reserve the property. This fee is refundable if the sale falls through due to an act of the vendor.
  4. You then have 28 days to exchange contracts and a further 28 days to complete the purchase.

You can arrange a viewing of any property you are interested in so that you can research the property and the area. You can browse through websites such as www.nethouseprices.co.uk to see how much other properties in the local area have sold for. Our property team are always on hand for any advice and guidance.

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