Auction Process

For all information on our auction process, look no further

At Tenimic we take full responsibility for checking and confirming the particulars of the sale and to satisfy all requirements regarding the accuracy of details, measurements, locations, boundaries, leases, searches, photographs, plans and condition of property. All measurements, areas and distances referred to are approximations.

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Price Guides

Each auction property is offered at a guide price and is also subject to a reserve price. The guide price is the level where the bidding will commence. The reserve price is the sellers minimum acceptable price at auction and the figure below which the auctioneer cannot sell, The reserve price, which may be up to 10% higher than the guide price, is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of auction . Where price comparables and rental incomes are quoted they are believed to be fair but are to be used for guidance only and their accuracy can not be guaranteed.

Terms & Conditions

Option 1

On the fall of the gavel contracts are deemed to be exchanged and the successful buyer must immediately pay a 10% deposit (subject to a minimum of £3,000). Completion must occur in 28 days. Legal Packs are available to view prior to bidding and it is recommended that potential buyers view these and consult a legal representative prior to bidding taking particular notice of any Special Conditions of sale.

Option 2

On the fall of the gavel the buyer must place a £3000 non refundable deposit with Property Auction, exchange of contracts must occur in 28 days and completion in a further 14 days.

Administration Fee

Applied to each lot is a non refundable Administration Fee of £600 plus VAT (£700.00) which is payable by the successful buyer in addition to the deposit.
Tenimic Fee 2% on every properties we win for you at the auction day..

Deposits

Deposits may be paid by cheque, bankers draft or by prior arrangement into the Tenimic Account of Tenimic . Unfortunately cash cannot be accepted.

Remote your Bidding by TENIMIC you are unable to attend the auction, bidding is Tenimic here to do all the job for you our Fee is Just 2% on every property secure for you. we partnership with savills auction , auction house, allspo auction, so we pick great investment property for our client.

Sales Agreed

Where a sale is agreed prior to the auction, at the auction or after the auction, auction terms and conditions apply. Vendors may choose to accept an offer prior to the auction and withdraw the property from the sale. It is recommended that all potential buyers confirm the specific lot they are interested in is still included in the auction sale. The auctioneers or vendors cannot be held responsible for any costs incurred against lots that are withdrawn or sold prior.

Buying at Auction

Buying a property at auction is a straightforward process, but it is important to understand and prepare for each step. To help you navigate the world of property auctions, follow our top tips for buying a property at auction

 
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