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A guide to buying at Auction

Before the auction

  • Inspect the property by attending one of the open viewings or contact the agent directly to arrange a viewing.
  • Check the AMV (Advised Market Value), which is a guide figure, the reserve price will be set on the day of the auction by the Vendor.
  • Get a surveyor to look at the property.  Please ask your surveyor to contact us directly to make arrangements for access to the property.
  • Check the planning or request you solicitor to check it for you.
  • Obtain legal advice on the Title and Conditions of Sale from your solicitor. The Vendors’ solicitor prepares the legal documentation containing (where applicable) Building Energy Ratings (BERS), special conditions of sale, title deeds, leases, searches etc. and replies to pre-contract enquiries.  These documents may be available to download from the relevant property brochure, alternatively they will be available from the Vendor’s solicitors.  These documents should be passed to your legal adviser and will help you make an informed decision about the property.  If you need further legal information please contact the Vendors solicitors whose details will be on the website or printed on the brochure. Remember that you buy subject to all documentation and terms of contract whether or not you have read them.
  • If you need to arrange a mortgage it is important that you obtain a binding offer from your lender before the auction day. Most building societies and banks will wish to instruct a surveyor to prepare a valuation report before making a mortgage offer so it is advisable to make your mortgage application as early as possible. Completion is usually 4 weeks after the auction, so you will need to draw down your loan within that time frame. You should discuss this with your lender.
  • Arrange the deposit (which will be 10% of the purchase price subject to a minimum of €5,000.00). Deposit cheques must be in EURO and made payable to the vendors solicitor.
  • Preregister to attend the auction through the auction registration form and ensure that you have read all the auction terms and conditions.
  • Keep in touch with the Sales Agent, as the property can be withdrawn or sold prior to the auction date.
  • If you cannot attend the auction in person you may be able to bid by proxy or by telephone see our guide to bidding by phone or proxy.

What you need to bring to the auction 

  • Your registration confirmation email. 
  • A blank cheque or a bank draft to enable you to pay 10% of the purchase price (subject to a minimum of €5,000.00), made payable to the vendors solicitor.
  • Details of your solicitor who will act for you if you are the successful purchaser. 

At the auction

  • If you have not pre-registered, please arrive at least 45 minutes before the auction is due to start to enable you to register before the auction.
  • If there are a number of lots, check with the Auctioneer or the Sales Agent when the auction for your property will be.
  • Most properties will have a reserve price which will have been set by the Vendor on the day of the auction. If at the auction the highest bid does not reach the sum of the reserve, then the property will be withdrawn.
  • Questions from the floor will not be taken by the auctioneer once the auction is in progress. If you have any last minute queries, please address them to a member of the Sherry FitzGerald team.  If you have any doubts, our advice is not to bid at the auction.
  • If the property exceeds the Vendor’s reserve, the Auctioneer will declare the property “on the market” and the highest bidder (after it is declared on the market and following the fall of the hammer) will be deemed to be the Purchaser.
  • The Purchaser will immediately pay to the nominated agent, as stakeholder, a deposit of 10% (subject to a minimum of €5,000.00) of the purchase price and shall sign the Contract which is a legally binding document. Please ensure that you take your signed Contract and give it to your solicitor.
  • Properties sold at auction are sold unconditionally i.e. they are not sold ‘subject to contract’, ‘subject to finance’ or ‘subject to survey’. If you are the successful bidder, you are legally obliged to complete the sale.
  • If the property is withdrawn, the Auctioneer may decide to deal exclusively or otherwise, with the highest bidder. If those discussions lead to an agreement to sell the property then the purchaser will be asked to sign the legally binding contract immediately and pay a 10% deposit (subject to a minimum of €5,000.00).
  • The Auctioneer does not have to disclose the reserve price when withdrawing the property.
  • The Auctioneer may refuse to accept any bid but no accepted bid will be retracted.
  • The Vendor may withdraw the whole of the property set forth in Particulars or, where such property has been divided into lots, withdraw any one or more of such lots at any time before the same has been sold without disclosing the reserve price.

This information is intended as a guide only please also refer to our Terms & Conditions