Buying at Auction? here’s a few handy tips

Make buying a house at auction as smooth as possible by following these points:

  • Request a catalogue from the relevant auction house. Most auction houses hold regular sales with a catalogue printed weeks in advance. Most also offer a subscription to a mailing list.
  • Go through the catalogue carefully, read the details thoroughly and identify the properties you are interested in.
  • View any properties you are interested in.
  • Research the property thoroughly and ask local estate agents and neighbours for their opinions.
  • Carry out the usual property/land searches. Carefully read the conditions printed in the catalogue.
  • Always get legal or professional advice from a solicitor and, in appropriate cases, a chartered surveyor.
  • Make financial arrangements to ensure you have a 10% deposit ready for payment on auction day, when the contracts are signed and access to the remaining 90% within 28 days.
  • Plan ahead if you need mortgage assistance. It’s wise to arrange a mortgage in principal with a bank or building society before buying at auction. You could lose your 10% deposit if you fail to complete within the time given (normally within 20 working days).
  • Be aware that buying at auction is a binding commitment that carries the same legal implications as a signed contract by private treaty. In most cases, auction offices have copies of legal documentation provided by the seller’s solicitors which can be sent to you.

 

 

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