BUYING AT AUCTION
- You must have finance in place to buy at auction – you sign binding contracts at the auction so talk to your friendly bank manager in advance!
- If you are the successful bidder, as well as signing contracts on auction day you need to pay a non-refundable deposit amounting to 10% of the AMV (Advised Minimum Value) in the form of a bank draft.
- A structural survey is highly recommended when buying any property. This should be completed prior to the auction.
- Contracts & legal documents for all properties going for auction are available to download from the DNG Data Room. Ysou and/or your solicitor should study contracts prior to the auction.
- You will be expected to close a sale approx. four weeks after the auction.
If you are unable to attend an Auction in person, we provide the option to bid by phone. You need to have pre-registered with us and have lodged your deposit amounting to 10% of the AMV (min €5,000) to our bank account prior to the auction. You must also complete a phone bidding Registration Form and return it to us prior to the auction.
For more information on Phone Bidding contact Tracey Winters at 091 511069 or firstname.lastname@example.org
WHAT YOU NEED TO DO ON AUCTION DAY
- You will need to register to bid on the day of the auction
- Registration is open from 1.30pm approx.
- You will need a form of ID in order to register
- Once registered you receive your bidding paddle
- Use your paddle to bid on your chosen property
- You will need a bank draft to the value of 10% of the AMV (or a min of €5,000)
AMV (Advised Minimum Value)
Price at which the property is advertised for sale prior to the Auction
Price set on the day of auction that must be reached in order for the property to sell. The Auctioneer will not disclose the reserve price prior to the auction. Once the reserve price is reached during the auction, the Auctioneer will indicate to the floor that the property is now for sale. If the reserve price is not met, the Auctioneer reserves the right to withdraw the property from sale.
If your bid is accepted at Auction you are legally bound to purchase the property. The vendor’s solicitor will be in possession of the sale contracts for the property, which are signed immediately after the auction and the purchaser must pay 10% of the AMV on Auction Day.
If a property fails to reach the reserve price, the Auctioneer will withdraw the property from the market. At this stage, the Auctioneer reserves the right to deal with the highest bidder only, immediately after the auction to see if a sale can be agreed. It is important to note that if you are not the highest bidder the Auctioneer has no obligation to accept offers from you following the auction.
If your bid is accepted at auction, you are legally bound to purchase the property. Therefore you need to come to the auction prepared with your due diligence completed in advance.