If you choose to pay no fees, we charge the buyer a fee. This is called a reservation fee. It is calculated against the final selling price of the property once an auction is completed and the reservation fee is met. The reservation fee acts as a deposit to create greater security until exchange of contracts takes place.
In the Modern Method of Auction, you will have between 28 – 56 days to complete on the property. This additional time makes it more appealing to those buying with finance or a mortgage because there is more time to get the necessary paperwork completed.
Bids can be placed through the website 24 hours a day, 365 days a year, or if you would prefer to speak to someone you can make a bid over the telephone to a member of The Auction Department. We are always on hand to talk you through each step of the way.
If you would like to place a bid on a property before the auction has finished it will be dealt with on an individual basis. By law we must put all offers to our clients. It is then up to the seller if they want to consider an early bid. In this scenario a non refundable reservation fee/deposit would still be required. If you are interested in an unsold lot please contact a member of the auction team.
We offer two main types of auction, Traditional and the Modern Method of Auction.
Modern Method - The bid obliges the buyer to pay a reservation fee / deposit and sign a reservation form. The buyer reserves the right to unconditionally exchange contracts on the property at an agreed price within 28 days and complete 28 days after. This method is suitable for the residential sellers.
Traditional Method - Contracts are exchanged immediately with completion taking place within the next 28 days. Complete security is provided but this method is more suited to the property professional.
You should seek advice from your proposed mortgage provider but it is unlikely that it will be considered as part of the value of the property for the mortgage calculation.
The money goes to the auction house.
Yes and we are under an obligation to pass on all offers, unless the seller has instructed the agent in writing that offers of a particular type are not to be advised to them. It will be for the agent to arrange payment of the fee with the seller.
Registered Office: Thomas Watson Estate Agents,
45 Frederick Street, Sunderland,Tyne & Wear SR1 1NF
Registered In England No. 10777678