Unique Living

OUR GUIDE TO

Buying Luxury Overseas Property at Auction

Looking to Buy at a Luxury Overseas Property Online Auction?

Prior to our Online Auction

When buying an overseas property at auction you will be able to view our catalogue & download it from our website. When you enquire about a specific property we will provide you with photographs of the property, floor plans, a Virtual Viewing where applicable & a legal pack

Considering A Property

Register to bid

If you want to look at the detailed legal packs on a luxury overseas property for sale, you will need to register to bid & agree our online terms & conditions. A legal pack is the set of documentation prepared by the seller’s lawyer or notary

 

The elements of a legal pack include a copy of the Title Deed, Land Registry & Local Searches, Property Information Form, Leases, Licenses, Tenancy agreements & Planning Permission Documents if applicable

 

Registration is an easy process, you will need to provide some personal details & provide your passport & recent utility bill showing your current address

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Online Auction Catalogue Request

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Buying in an Online Auction

Conditional or Unconditional Purchase

You will need to check if the sale is by Conditional Auction or by Unconditional Auction

Unconditional online auctions work on the same basis as traditional auctions, with exchange on the property at the end of a successful online auction & completion 28 days later

With a conditional auction, the buyer pays a Reservation Deposit which gives them the right to buy the property

After a conditional auction the buyer then has 28 days to exchange contracts & a further 28 days to complete.

This gives the buyer time to arrange a survey, mortgage or other finance before exchange

Viewing an Overseas Property

During the current Covid-19 crisis it will not be possible for you to view a property, therefore where applicable we will offer potential purchasers Virtual Viewing, in addition to this we will rely on the comprehensive information the sellers provide, including imagery, floor plans, site plans & a Google Earth location

Guide Price & Reserve Price

Every overseas property has a guide price; this is the recommended level at which the bidding should start. It must not be relied upon by potential bidders as a valuation as in most cases the reserve price will be above this level. The reserve price is the minimum price that the buyer will accept for the villa or apartment, we are not allowed to sell the property below this price. The reserve price is not disclosed to buyers as it is a private agreement between the seller & auctioneer. Both the reserve price & the guide price can change before auction.

Buying Before Auction

Should you be satisfied with the information provided, we are able to present bids to the sellers before the Auction. If your offer is accepted then the property will be removed from market immediately on the proviso a Reservation Contract is signed & deposit taken

Arranging Your Overseas Property Finance

It is important you understand your financial obligations prior to the online auction

If you require an overseas mortgage, most lenders will require a valuation report before making an official mortgage offer, you will need to make your mortgage application as early as possible in the process. We have a dedicated team who can help obtain Overseas Mortgages & offer Fiscal & Taxation advice.

Call us on 00 44 20 7148 6480

What is the process of buying a villa or apartment online

Determine Your Bid

Be organised, ensure you determine your budget before the online auction & include all costs that you will incur after a successful bid. Set a maximum bid level before the online auction & make sure you stick to it, to ensure you do not get carried away & exceed your means

 

Before an unconditional auction you should make sure that you have all your finance in place as you will need to pay a 10% deposit immediately if you are the successful buyer. You will need to to pay the remainder of the purchase price and the fees within 28 days of the auction

 

With a conditional auction, you will only have to pay across a Reservation Deposit so you will still have time before exchange to obtain a mortgage, finance or obtain a survey

Legal Process

You should instruct a local licensed lawyer or notary to inspect the legal pack & other information, such as searches & planning permission as well as checking the title deeds, habitation & other applicable licenses. Their advice & expertise could prove invaluable to you before committing to buy a villa or apartment for sale. We are happy to recommend local Lawyers & Notary’s.

Ways to Bid

As a potential buyer you should register your interest in the property & get authorisation to bid prior to auction. There are two ways to bid in Online Auctions, live online bidding & by online proxy. With live online bidding, once you have registered to bid, you can watch the auction countdown online, and place bids live to ensure you are the winning bidder. If you are unable to bid live, you can pre-submit your highest offer by online proxy. The proxy bidding is regulated automatically by the auction platform & you will be notified if your proxy bid has met the reserve price.

Online Auction Bidding Process

Our Auction team have developed the online auctions to be intuitive & easy to follow.

You also have the reassurance that you are using a platform that is safe & secure, operated by the UK’s number one property auctioneer.

The auction usually runs for seven days until the finishing time, but this can be flexible depending on the seller’s requirements. The timing of the online auction will be clearly stated on our website & the countdown will be shown in real time.

During the online auction, the system will extend the time by 60 seconds after a bid to allow for final bidding until the highest bid stands uncontested.

.01

Identification
Prior to auction you will need to demonstrate proof of funds & provide a form of Identification, either your driving licence or passport (for photo ID) & a recent utility bill or bank statement (for proof of address) & your solicitor’s details

.02

Before the Auction
Check the addendum sheet, which contains the final amendments for each property. It is important that you read this document before bidding to see if there is any significant new information. The addendum forms part of the contract of sale

.03

Start of the Online Auction
The auction will start promptly at the time printed in the catalogue. The auctioneer will make a number of announcements about the auction procedure. The auctioneer’s pre-sale announcements are summarised at the beginning of our catalogue. They will also announce withdrawn & pre-sold lots. Lots are almost always offered in the order in which they appear in the catalogue

If You Buy A Property

If you are the successful bidder you will be asked to re-confirm your identification & your lawyers details. A deposit, normally 10% of the purchase price will need to be deposited immediately, therefore a means of sending the funds will have to be applied.

As it is an international auction you will need to consider using an FX company to transfer funds. It is part of your legal obligation to pay the deposit on the day of the auction.

A buyer’s fee is applicable for each lot purchased in addition to the deposit. Further details will be in the catalogue or available prior to auction.

What if the property does sell in the Online Auction?

Unsold Lots

If a lot does not sell & you still wish to buy the overseas property for sale, contact us to re-register your interest as soon as possible. Quite often we can broker a deal with the vendor after the auction has finished.

Interested in seeing our reduced to sell properties & online auction listings?

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All you need to know when Buying & Selling Before or at our Online Auction

Luxury Overseas Property Online Auction Guides