Under the Hammer

By Peter Hornor of Brown & Co in Norwich

At the risk of being repetitive, it is perhaps worth noting some of the checks that need to be made by buyers and sellers alike prior to any auction. We are now frantically preparing for next week’s sale and as ever we are dotting the ‘i’s and crossing the ‘t’s. For vendors, the level of the reserve is what matters the most. This is always agreed in private with the client and not divulged to anyone. The reserve will take into account the clients objectives and also the level

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of interest shown and whatever the market, we like to think that any lot will find its own level in any event. However, getting the reserve wrong prior to the sale could lead to the withdrawal of the lot. It is a tough call for the auctioneer but an important one. For buyers, now is the time to have last minute discussions with official advisers, including solicitors and surveyors. Buyers will be planning their strategy now for the actual day and deciding for example who will do the bidding. Prospective purchasers need Dutch courage on the day, not to mention the necessary funds to ensure success at the fall of the hammer. We always ask interested parties to check in the days leading up to the sale that lots are still fully available, particularly if travelling some distance.

Peter Hornor is on 01603 629871.

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