buying at auction - any advice please

[smojo]

I have read the buyers info at woodlands.co.uk and they seem to look after you and sort everything out quite simply but what about going it alone though auction? I see some of you have bought at auction and am interested to know the procedures following a successful bid.

Do you have to pay auctioneers fees and how much?

Do you have to pay a deposit immediately and when does the balance get paid?

How do the legalities get sorted, do they help you or are you left to sort it out with the seller?

Do you get some sort of deeds with the land?

Any other useful info on the whole procedure would be appreciated. Thanks, David

[Patandsam]

Dont pay too much

[Dexter's Shed]

there seems to be two main woodland sellers on the internet, both say the price stated is the price you pay, so I took them at their word and payed the asking price, only to find out later that a neighbouring plot holder had offered an amount less than the advertised price for his plot and it had been accepted, he saved enough to buy his 5k defender, so dont dismiss those sites either

[oldclaypaws]

So called auctions are not necessarily what they seem depending on the seller and the agent. In many cases they state 'to be sold at auction unless sold prior'. If interested in a wood ring the agent stating interest and put all your questions to them to get clarification on their procedure. Many of them are obliged to report any firm offers to the seller for consideration before the advertised auction date. In many cases they end up with several good offers and then say 'final best offers by noon on such and such a day', and they are sold prior to the advertised auction. On one of the woods we were interested in they had 14 competing offers on the books. This is a horrendous situation as a buyer, you never know if the agent is telling the truth or just talking up the price and you have to try and guess what others might be prepared to pay. Many woods are sold this way, including Cleggs, who keep you waiting for ages before indicating if yours is the best offer. Once an offer is successful its like buying a house and its probably best to use a professional to do the legal stuff, get a quote. Like with a house you end up with a bundle of documents about an inch thick to prove you own it. Most land buyers pay cash on completion, although you can get loans on them and if so need a loan agreement in place before starting. It can be quite a protracted and stressful business.

[oldclaypaws]

Useful little video guide here to buying at auction. Its far better if it does make it to the rostrum. As this chap says, its makes it transparent and you know the other 'bidders' are real & willing to pay nearly as much, so its a fair market rate. When they entertain bids pre auction I really hate it, but this seems to happen all too often- in a majority of cases, especially if its a private individual selling. As I said on one wood which bids were invited for pre auction, I just got a bad feeling. I didnt know if the agent had bought it themselves and all the supposed other telephone bidders didn't realise exist. Stranger things have been known to happen. Public bodies such as water authorities are obliged to sell at a public auction so its all transparent and there are no accusations of skulduggery.

Bidding is tricky. Something is subjectively worth what someone is willing to pay. Two determined rivals can drive something to five times the sensible value. Best to leave it until late when the auctioneer invites final bids and decide firmly beforehand on your top bid and stick to it.

http://www.youtube.com/watch?v=EMBnOIn4nmk&feature=youtu.be

[smojo]

Great advice, thanks everyone. Sounds a bit of a nightmare. That's why I like the sound of the woodlands.co.uk type of arrangement. I guess you might pay a little more for one this way but less stress and hassle. Had enough of that to last me a lifetime, that's one of the reasons I want a wood!

[smojo]

One concern I have of auction buying is it seems that you could buy a wood, then you get your solicitor to do the legal stuff and it might be at that stage that they find something a bit "amiss" or not to your liking but you've already committed to buying it. How do you get around that one. Is it a bit of a gamble buying at auction?

[oldclaypaws]

Pre auction, they must provide a legal pack on request showing stuff like maps, footpaths, any FC schemes that are signed up for, nasties like someone else having mineral or shooting rights and covenants. Its up to you to make as many sensible enquiries as possible. Try not to get too tied up in the trees and plants, look beyond to the things you can't change such as where it is, slope, access. Avoid National Parks. The reservoir one is likely to have loads of restrictions to stop you causing pollution, can't imagine them being happy with a compost toilet on the edge. Apart from the legal stuff on any wood, visit as many times as possible and try to talk to the locals. What has gone on in a wood in the past is often omitted from the legal pack. There will be no mention of problems with fly tipping, doggers, poachers or log theft. They might also not know about special positives like rare plants, valuable timber, interesting history. Maybe best not to go for the first wood you see, view a few and compare to get a feel before taking the plunge. (In your reservoir?).

[Dexter's Shed]

and now is probably the best time to view as many as possible, with the worst weather and trees looking bare, you'd get an idea on the seclusion and whether you'll need a new 4x4 to access it,

[Wendelspanswick]

Useful little video guide here to buying at auction. Its far better if it does make it to the rostrum. As this chap says, its makes it transparent and you know the other 'bidders' are real & willing to pay nearly as much, so its a fair market rate.
http://www.youtube.com/watch?v=EMBnOIn4nmk&feature=youtu.be

I used to work for an auction house and have witnessed many times the auctioneer taking bids 'off the wall' to drive the price up when a buyer is keen. The auctioneers would quite often brag how they pushed up the price by taking imaginary bids, really easy to do in a crowded auction room and quite legal.
I bought an ex AA VW van at auction and there were more vans than buyers, the auctioneer was taking loads of imaginary bids on the vans prior to the one I was interested in. When 'my' van came up I caught the auctioneers eye, put in my initial bid and then did a slow exagerrated 360 scanning the room waiting for the imaginary bidder and looked the auctioneer in the eye again. I was satisfied to see that the auctioneer went bright red and put the hammer down without any other bids!