Are auction properties cash only?
No, quite the opposite. Online property auctions are done entirely online, so that means no physical cash is exchanged. As long as you have the finances to commit to your auction purpose and arrange them prior to bidding you can choose multiple financial options, including a bridging loan or mortgage!
Are auction houses regulated?
The UK’s leading auction houses, including Pugh, are regulated by RICS (Royal Institute of Chartered Surveyors). This means that auctions follow a regulated set of professional guidance, making them extremely secure.
What is an Addendum in the auction catalogue?
The Addendum represents any amendments or additions to the pre-printed information in the catalogue. The Addendum can be updated right up to the start of the auction, so it is important that you check this information before placing any bids.
Why has a lot been withdrawn before auction day?
From time to time, lots are sold or withdrawn prior to the auction. It is recommended to check the website regularly to see if there have been any changes to the status. If you are interested in a specific lot, you can also make an offer before the auction which will be passed to the vendor for consideration. Any lots that have been withdrawn or pre-sold will be announced before or during the auction.
What is a reserve price?
The Reserve Price is the seller’s minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not commonly disclosed and remains confidential between the seller and the auctioneer. Occasionally a property may be listed with no reserve. This means that technically the lot will be sold if an offer is received - even as low as £1.
Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
What is a guide price?
The guide price is an indication of the seller's current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers in deciding whether or not to pursue a purchase.
It is usual, but not always the case, that a provisional reserve range is agreed upon between the seller and the auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the auction in light of interest shown during the marketing period, a guide price is issued.
This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
Can you buy an auction property before the auction?
If you are interested in a specific lot, you can also make an offer before the auction which will be passed to the vendor for consideration. Any lots that have been withdrawn or pre-sold will be announced before or during the auction.
Please be aware that you must be in a position to exchange and pay your deposit before the auction date if your offer is accepted.
How do I register to bid in an online auction?
You must first create an account to register to bid at Pugh’s online auction. You can do this using the button in our header, we just need to collect a few details, verify your identity, and confirm your pre-authorisation of funds if you’re a winner.
For full details, view our buyer’s guide.