humraz will only offer lots that are covetable and will help our users

• plan their future;
• enhance their life; or
• enjoy a 'once in a lifetime' experience

This includes high-value lots such as real-estate and prestigous lots such as Harrods gift cards.

There is no reserve on lots.

If there is NOT enough interest we simply do not run an auction and no money is charged.

The table below draws a like-for-like comparison of auction costs and, if appropriate, buying costs associated with humraz versus typical property auctions in England and Wales.

If your bid is		comparison of costs/exposure
		'Typical' Property Auctions (England and Wales)	Humraz Property Auctions
Successful	and you complete your purchase	assumes the bidder doesn't bid over the guide price and that a mortgage is required £200,000 for the property plus approximately £3,850 --- £9,000 to cover stamp duty, survey, legal, conveyancing and administration fees	£0.01 --- £10,000 for the property plus approximately £600 to cover legal and conveyancing costs
Successful	and you do NOT complete your purchase	£20,000 your 10% deposit plus approximately £1,350 --- £6,300 pre-auction costs such as valuation fees etc. and admin fees does not include costs associated with being sued for breach of contract	£50 the price of your seat
Successful	but the reserve is not met	£1,000 --- £3,000 assumes due diligence of pre-auction valuation, surveys etc.	Not Applicable there is no reserve
Successful	but the seller changes their mind	£1,000 --- £3,000 assumes due diligence of pre-auction valuation, surveys etc.	You can buy another property up to the same value in the same country. The money is given to your solicitor on the completion of your purchase.
Unsuccessful		£1,000 --- £3,000 assumes due diligence of pre-auction valuation, surveys etc.	£50 the price of your seat

The value we display for a property is based on valuations from three reputable local estate agents.

We compare these valuations to data from an independent national valuation company (Hometrack) or in the case of new builds, we will require a market valuations survey.

That said, property markets change and there is no guarantee that this is the price the buyer will achieve on re-sale, it may be less or it may be more. However, for real estate the maximum bid price is typically less than 10% of the market value displayed, which means that even with market fluctuations these properties are a tremendous bargain.

The properties are owned either privately or by developers (if ia new build) and we have purchasing agreements with them.

In the United Kingdom, based on the Estate Agents Act 1979, the Office of Fair Trading state on their site that they view you as an estate agent if you: -

1. do things to effect an introduction to your client or
2. after making an introduction, do things to secure the sale or purchase of the property

They go on to provide examples of estate agency activity: -

• sending out property particulars and arranging viewings
• receiving and fielding queries from potential sellers or buyers and passing on details to your clients
• providing clients with a 'For Sale' board and/or putting it up outside their property where the board contains your contact details

humraz does not:-

• charge a fee for the property sale
• have a buyer/seller relationship with the home owners therefore they are not our clients
• send out property particulars and arranging viewings
• pass on details of interested parties

You get the opportunity to purchase the property at the value of the successful bid.

You will obviously have to pay the successful bid price for the property.

If the property is in the UK, the price you pay will probably be below the stamp duty threshold, so you won't need to worry about paying that and for many people the price of the property will be low enough that they will typically be able to avoid the costs associated with obtaining a mortgage.

Your other costs will be those typically associated with buying a home, such as: - Legal fees and taxes; Property purchase/moving; Travel/Visa costs and Furniture, unless otherwise specified, notwithstanding any standard appliances and/or fittings already in place e.g. bathroom fittings, fitted kitchen, washing machine, and dishwasher etc.

Also, like any other home owner, following the transfer of ownership, you will be responsible for: - service/maintenance charges; ground rent and all other costs for the property.

We have found that for many people it doesn't matter where the property is located because of the greatly reduced price for such a significant asset.

Due to the scale of interest in our auctions it is not practical for prospective bidders to have access to the properties during each auction.

However, once an auction closes, if you are the successful bidder you will be able to view the property and then decide if you want to go ahead with the purchase. Travel costs and arrangements will be the responsibility of the successful bidder.

The property details will only be given to the successful bidder.

We recommend that professional legal advice be taken when proceeding with a property purchase.

Most properties in England and Wales require a HIP (Home Information Pack) to be commmissioned before they can be marketed.

If a HIP is a requirement and you wish to receive a copy please contact us and we will send instructions explaining how you can obtain access to the pack.