FAQ Category: Buying Property through Auction

What is a ‘Buyer’s Premium’?

When buying a property at auction, the winning bidder pay’s a Buyer’s Premium. This is a fee to the auction house. The fee can vary depending on the price of the property. Properties will state what the buyer’s premium is.

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What role does Penny Joseph & Town & Country play in the auction process?

We facilitate the vendor, buyer and organise the property particulars for the auction. We ensure that the buyer has all the information they need. We undertake viewings of the auction property. We liaise between vendor and buyer. We facilitate in the sales exchange and completion. We can offer advice on property investment, rental yields, property […]

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What is the process of buying property at auction?

There are 2, types of auction – conditional and unconditional. UNCONDITIONAL PROPERTY AUCTION In an unconditional auction, contracts are exchanged to the winning bidder immediately. Through unconditional auction, properties are actively promoted, prior to the public auction date, viewings are undertaken, and legal packs are made available. Bids can be made prior to the public […]

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