frequently asked questions

Question: What is the difference between a Conditional Sale and Unconditional Sale?

Answer: A Conditional Sale requires the buyer to put down a £2,500 deposit immediately on the night of the auction. This is forwarded to the sellers solicitors within 7 working days. The buyer then has 28 days to exchange contracts. If the buyer fails to exchange contracts the seller retains the deposit. However, an Unconditional Sale means that once the auctioneers hammer has fallen, exchange of contracts has taken place and the buyer would normally complete in 28 days subject to any special conditions.

Question: What is the Starting Bid?

Answer: The Starting Bid is as it says, the amount that the auctioneer will start to take bids on a particular lot.

Question: Why is there a Reserve Price?

Answer: The Reserve Price is the sellers safety net, the least amount they are prepared to accept for their property. The property cannot be sold for less than this amount.

Question: Will the Reserve Price be made public knowledge?

Answer: It is Sell By Auctions policy that only Sell By Auction, the member estate agent, the party entering the property for auction, the seller and the auctioneer know what the reserve price will be for a particular lot. Under no circumstances will this be revealed to anyone.

Question: I am interested in a particular lot but am unable to attend the auction?

Answer: This presents no problems. You can bid by telephone, in which case you will need to register with Sell By Auction at least 3 days prior to the auction event. You can also submit your bid in writing and one of Sell By Auction's staff will bid up to your maximum stated amount on your behalf. Either method would require you to complete a form and deposit a cheque to cover the deposit amount of the property.

Question: How do i make an appointment to view a property?

Answer: Please contact Sell By Auction.

Question: Should i have finance in place before attending the auction?

Answer: For both Unconditional and Conditional Sales Sell By Auction recommend that you have the neccesary funding in place prior to the auction.

Question: Where can i obtain an auction brochure?

Answer: Sell By Auction are mindful of the Goverment's Ecolgical Programme and will upload the auction brochure to their website. If a hardcopy is required, please contact us.

Question: Is there likely to be any amendments to the auction brochure?

Answer: It is advisable to check the brochure online and frequently for amendments. The benefit of the way in which we present the auction brochure online, allows us to amend it quickly, thereby providing up to date information prior to the auction.