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70 £5,000- £289,950 78% 120+ GREAT NORTH 0191 2390 802 PROPERTY AUCTION www.greatnorthpropertyauction.co.uk iamsold Public Auction Date: Tuesday 7th November @ Ramside Hall Hotel, Co. Durham, DH1 1TD LOTS IN THIS BROCHURE 70 PRICE RANGING FROM £5,000- £289,950 SOLD IN OUR LAST AUCTION EVENT 78% ESTATE AGENT BRANCHES 120+ covering: Northumberland Tyne & Wear County Durham Teesside North Yorkshire Live Auction Date: Tuesday 7th November Register From: 18:30 Auction Starts: 19:00 Ramside Hall Hotel, County Durham, DH1 1TD 1 PULICGREAT AUCTION NORTH CALENDAR 2017 GREATPROPERTY NORTH AUCTION PROPERTY AUCTION CALENDAR OF EVENTS 2017 ANUARY FERUARY MARCH M T W T F S S M T W T F S S M T W T F S S APRIL MAY UNE M T W T F S S M T W T F S S M T W T F S S ULY AUGUST SEPTEMER M T W T F S S M T W T F S S M T W T F S S OCTOER NOVEMER DECEMER M T W T F S S M T W T F S S M T W T F S S 2 GREAT NORTH PROPERTY AUCTION SOLD BY AUCTION SOLD IN 22 DAYS 32 VIEWINGS South End, Osmotherley Cliffe Court, East Parade, Whitley Bay Start Bid £290,000 Start Bid £44,950 Sold £328,000 Sold £114,000 SOLD £25K OVER STARTING BID 13 VIEWINGS The Cottage, Nags Fold Farm, Durham Oak Tree Road, Bedale Start Bid £300,000 Start Bid £165,000 Sold £325,000 Sold £185,000 17 VIEWINGS 35 VIEWINGS Firbank Avenue, North Shields Monkridge Gardens, Dunston, Gateshead Start Bid £230,000 Start Bid £63,000 Sold £251,000 Sold £81,000 3 VENUE Ramside Hall Hotel, County Durham DH1 1TD Tel: 0191 386 5282 Visit: www.ramsidehallhotel.co.uk Registration at 6.30pm Auction begins at 7.00pm DIRECTIONS From North: Take A1/A1M to the South, Gateshead & City (West). Stay on A1 for 10 miles. Continue on A1M for a further 8.6 miles towards The South & Durham. Exit at Junction 62 (A690, A691, Sunderland, Durham and Consett) and take A690 (Junction 62) towards Sunderland, straight through the traffic lights, under the railway bridge and immediately on the right. ATTEND FOR FREE If you don’t want to register to bid, but are interested in the auction process or potentially selling at auction, you can attend our events to see what it’s like. You can also ask our auction team any questions you may have, for example: Is my property suitable for auction? Any type of property is suitable for sale by auction. Lots range from traditional residential properties from all price ranges, style and condition, new-build development, tenanted investments, developments sites and all sectors of commercial property. Selling through auction is the preferred method of sale in the USA, Canada, and in mainland Europe. If you are interested in selling by auction and would like to speak to someone sooner, don’t hesitate to contact our Great North Auction team on 0191 2390 802. 4 AUCTION DAY PROCEDURE Before placing a bid we strongly advise that you provide a reservation fee or deposit. We will then carry out market research and due diligence on prepare the acknowledgement of reservation form any property you are interested in bidding on. for you to sign using the details provided. Exchange Make sure to review any legal documents we may will usually take place a maximum of 28 days later have for the subject property. We recommend that under the supervision of your solicitor upon receipt of before bidding you visually inspect the property Draft Contract. Please do not leave the auction room internally and are completely happy with what’s without paying your deposit or reservation fee and on offer. signing the relevant paperwork. Registration You will require photographic I.D. and proof of If The Lot You Want Is Unsold address to obtain a bidding paddle to enable you to If a lot fails to reach its reserve in the room and you bid at a property auction. If you intend to bid please wish to buy it, ensure you register your highest bid remember to bring with you your debit/credit card with us before you leave the room. We will contact or bankers draft for your Reservation Fee and the the vendor and ask them for their instructions and required identification. Please also bring the contact contact you if we think that a sale after the auction details of the solicitor you intend to use. is negotiable. Alternatively, call us in the office after the sale. Bidding For Your Lot When the auctioneer announces your lot he will also Bidding Prior to the Auction bring to your attention any last minute items which Any bid or registration of interest must be presented you should be aware of. He will read the full address to the vendor in real time which may lead to a of the property, so please double check before property being sold prior to the auction event. Buyers bidding that this is the lot that you are interested in. are urged to register their interest early to avoid any The current lot number is usually displayed with a disappointment. If you require any assistance with photograph on screens at the front of the room. The finance or conveyancing then speak to a member of auctioneer will invite bids at a particular level and the auction team who will be happy to provide quotes you can make this bid by raising your paddle, hand from our specialist panel. or catalogue. If you wish to make a bid other than the auctioneer calls, please shout out your bid and the auctioneer may or may not accept it. The property will be ‘knocked down’ to the highest bidder – but not until the auctioneer warns you by saying ‘going, going, gone’. Never delay until the last second with Remember! If you’re not planning to attend your bid – you may lose it. Remember, there may be the auction, but would like to bid by proxy or 300+ people in the room and unless your bid is clear phone, you must fill and return the form in the auctioneer may not see you. this catalogue or contact the team to pre-register on: 0191 2390 802 On The Fall Of The Hammer [email protected] If you are the successful bidder, a member of the auction team will approach you and ask you to follow them to the sales room. You will be asked to 5 OUR METHODS OF AUCTION Modern Method of Auction The Modern Method of Auction is different to traditional auction procedures in the UK, in that it is conditional. This means that the sale is not legally binding once a bid is accepted. When a bid is accepted the buyer is allowed a 28 day period of reservation in which to achieve exchange of contracts, at which point the sale becomes legally binding, (i.e. the buyer is bound to buy and the TRADITIONAL AUCTION vendor is bound to sell). The 28 day period starts from when the buyer’s solicitor is in receipt of draft contracts. A further 28 day period is authorised to achieve completion of contracts, and at this point MODERN AUCTION legal transfer of title takes place and keys and monies change hands. Traditional Method of Auction This is an Unconditional Auction where on acceptance of an offer or on the fall of the hammer the buyer will pay up to a 10% deposit and exchange of contracts is immediate. Both parties are then legally bound to buy and sell. Traditional Auctions are mainly used by the investment market for properties that attract significant interest from professional investors. The residential sector can find it harder to buy through a traditional auction because there is a limited amount of time to put finance in place, meaning many purchases through a traditional auction are cash based. The Verdict Whilst the Traditional Auction is useful for disposing of investment stock to the investment market quickly and efficiently, the residential market requires more than this. The Modern Method offers the ability to maximise the level of interest from a broad range of buyers, in turn creating the best sales price in the current market but still benefiting from the security of a non refundable reservation fee or deposit and a fixed date to move and sell. 6 PROOF OF IDENTIFICATION Important notice! All successful bidders must provide Proof of Identity Anyone attending our auction events and and Proof of Address in order for us to comply with wishing to bid will be required to provide money laundering regulations. acceptable identification before being issued with a bidding paddle. Original documents must be provided. Photocopies are not accepted. Proof of Identity Tick List Proof of Address Tick List Current Signed Passport Current full UK Driving Licence** (Provisional licenses not accepted). Current Full UK/EU Photo Card Driving Licence** A utility bill issued in the last three months (Not a mobile phone bill) Current full UK Driving Licence** (old style)** (Provisional licenses not accepted). Local Authority tax bill (Current year) Resident permit issued by the Home Office to EU Nationals. Bank / Building Society / Credit Union statement containing current address. Inland Revenue Tax Notification. Most recent original mortgage statement from a UK lender. DEPOSITS / RESERVATION FEES Deposits and /or fees will be accepted by one of the following methods: Banker’s Draft, Debit / Credit Cards (3% surcharge applies to credit card transactions). NO CASH OR CHEQUES WILL BE ACCEPTED *We reserve the right to conduct a soft imprint online identification search on any successful buyer.
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