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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