Guide to Buying Property at Auction

1. Decide What You Want to Buy

• Is it a property in a particular area or a particular type of property, must it be detached or only a flat?
• If you can decide it will stop you being 'swayed' to other property at auction.
• Once you know what you want you can start to look for it.

2. Where to Look

• There are lots of places to look. Auction catalogues, the internet, estate agents, property supplements.
• Make sure you receive information about auctions as soon as possible so that you have plenty of time to make your enquiries.

3. Prepare for the Auction

• Think about what you want from the property and make enquiries.
• For example: Do you want to carry out alterations, will they need planning, will the planning be easy to achieve?
• Have a survey and get advice on the legal pack.
• If you need a mortgage organise your finances.
• Make sure you have your deposit is easily available on the day of the auction.
• Arrange buildings insurance so that if you are successful at auction you can insure the property straightaway.
• As close to the auction day as possible check to make sure the property is still available.
• If you can try to attend an auction where you are not bidding so that you can see what happens.
• You can sometimes submit an offer for the property before the auction, if accepted then the property will be withdrawn from the auction.

4. Auction Day

Take:

• two forms of identification, a passport or driving licence and a recent utility bill or bank statement
• your auction catalogue
• your solicitors details
• details of your buildings insurance so that it can be put in place
• your deposit cheque, if may also be necessary to pay an admin fee to the auction house.

Bidding:

• check to see if there have been any last minute alterations to the terms of the contract
• remind yourself of the maximum amount you are prepared to pay for the property
• BID

If you can't attend the auction you can consider setting up a proxy bid or telephone bidding, see our auction terms information.

If a property fails to reach the reserve price it will be withdrawn from the auction, however you can discuss the matter with the auctioneer after the auction and a sale can still be agreed with the seller.

5. Going Once Going Twice for the Third and Final Time!

• Once the hammer falls contracts have been exchanged and the contract is now legally binding.
• The contract is signed and the deposit is paid to the auctioneer.

6. If You Are Successful

• take a deep breath
• pay your deposit
• provide solicitors details
• put your buildings insurance into place

7. Completion

• Is normally 21-28 days after the auction but check the special conditions.

Please contact us on the details below if you require further information.

01376 321311

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The Team

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