Buying at Allsop Auctions

OnlyGotOneSong

Hi all,

Looking for some advice as to the exact workings of these auctions.

Am possibly going to try and buy in the next auction in May.

Was just wondering really about the whole area around deposits etc.

Im aware that the norm is 10% of the sale price is paid on the day of the auction and the sale is completed in full in the next 4-5 weeks.

My question really revolves around the deposit..Is this non refundable if you want to pull out of the sale after the auction?(i.e. would such thing as the ''cooling off'' period come into force)

On the fall of the hammer if you are the successful bidder,do you have any recourse to pull out of the sale?

Thanks

indiewindy

OnlyGotOneSong wrote: »

Hi all,

Looking for some advice as to the exact workings of these auctions.

Am possibly going to try and buy in the next auction in May.

Was just wondering really about the whole area around deposits etc.

Im aware that the norm is 10% of the sale price is paid on the day of the auction and the sale is completed in full in the next 4-5 weeks.

My question really revolves around the deposit..Is this non refundable if you want to pull out of the sale after the auction?(i.e. would such thing as the ''cooling off'' period come into force)

On the fall of the hammer if you are the successful bidder,do you have any recourse to pull out of the sale?

Thanks

deposits paid at auction are nonrefundable

Dymo

indiewindy wrote: »

deposits paid at auction are nonrefundable

And you are binded into a contract by simply raising your hand at the auction and the owners can sue for the rest of the money.

need-it

As a buyer at a previous Allsop auction, I can confirm that the above posts are correct