Updating the reserve price in common value auctions
This is vital, as it will advise on the condition and value of the property.You will also need a solicitor to carry out local and national searches and check the title deeds for any convenants or restrictions on the property.If you like the look of a property, you should arrange a visit to see it.If you still like it then you will need to contact a chartered surveyor to have a homebuyers' report carried out.Once you have decided to bid for a property you will need to agree a mortgage with a lender.The auction If you are the last and highest bidder when the auctioneer's hammer falls it means you are the successful buyer.Our findings are consistent with the prediction that, if bidders are aware of the possibility of seller participation in an auction, profits will be reduced on average.We also study factors that affect bidder and seller participation decisions.
We study the practice of shill bidding in a common value framework.
It's unusual for private residential homeowners to put their homes under the hammer, but not unheard of.
Sometimes sellers will be landlords or property portfolio owners who simply want to cash in and take advantage of the ease of selling and swift transaction that the auction room brings.
The auctioneer may demand a 'buyer's premium' equivalent to 1.5% of the sale price.
There is also an administration fee, typically £150, paid to the auctioneer.