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I WANT TO BUY AT AUCTION
Our modern method of auction is geared to sell to investors or regular home buyers either with cash or a mortgage
We offer properties for sale via The Great North Property Auction which is operated by the Newcastle based independent auction house IAM-SOLD Ltd
ON-LINE AUCTION
In general our auction properties are initially offered in an online auction which operates much like e-Bay
You are able to register and bid online or if you prefer a more personal approach you can make a bid direct to any Dowen branch or The Great North Property Auction office in Newcastle
LIVE AUCTION ROOM
Properties are also offered at our regular live auction events where you make your bids to an auctioneer in the auction room or by proxy or by telephone whilst the event is taking place
BUY WITH A MORTGAGE OR CASH
At the Great North Property Auction you can buy with cash or a mortgage
Our auction is geared to sell to investors or regular home buyers
DEPOSIT OR RESERVATION FEE (Buyers Premium)
Our properties are offered for purchase by way of 2 methods
- Where the property is subject to payment of a deposit once a bid is accepted
- Where the property is subject to payment of a reservation fee (buyers premium) once a bid is accepted
Whichever is due, be it a deposit or reservation fee (buyers premium) it will be clearly shown on the specific terms and conditions in the sales documentation for the property prepared by The Great North Property Auction
You should check the amount due before bidding on any property as the amount can vary
NB: The reservation fee (buyers premium) is payable over and above the bid price accepted and covers estate agency & auction house professional services costs
NB: The deposit is inclusive part of the bid price accepted. The property owner pays estate agency & auction house professional services costs
If a buyer withdraws from the purchase or does not meet the auction terms and conditions, the reservation fee (buyers premium) or deposit is generally non refundable
If the sale falls through due to an act of the vendor, the reservation fee or deposit will be refunded in full
BUYER INFORMATION PACK
We will not take any bids until we have prepared and made ready a Buyer Information Pack which contains information relevant to the property being offered for auction
We strongly advise buyers to read all information in this pack before making a bid as well as taking any legal advice they feel they need
Buyers will be required to pay £200 as a contribution towards the preparation of the Auction Information Pack if their bid is accepted
BUYER BENEFITS
- A quick & easy bidding process
- A wide range of properties
- Realistically priced properties offered by committed sellers
- Many properties are vacant with no onward chain
- The auction method also gives transparency for both buyer and seller as the sale is in the public domain so the fear of gazumping or re-negotiation is completely removed
- You can buy with a mortgage
ADDITIONAL HELP
If you are unsure about any of the information provided in this guide, please do not hesitate to contact a Dowen or Great North Property Auction Sales Agent
We are here to help
