5 Tips on Buying a Property at Auction
Buying a property at an auction may seem like a daunting task. You are faced with your competition for your chosen property and those auctioneers; well they can talk pretty fast! But what isn’t daunting for the first time? Property auctions are really quite exciting and have their advantages over buying from an estate agent (which we will cover in a future post)
Here are some tips from our property experts on how to get the best experience out of a property auction.
Do your homework
We don’t have to tell you that buying a property is probably one of the biggest investments, most people are going to make in their lifetime. So give yourself plenty of time to think about what you want, what you can be flexible on and the must haves of your property. This will help to narrow down your search.
Visit our website
We have some fabulous and diverse properties for auction on our website. Take a scroll through- note down what you like and contact us with any questions you may have.
Try before you buy
Open Viewings are scheduled prior to auction date and you will see them on the property page- always view a property to see if it matches up to your expectations. More often than not, a picture can only show so much, so come see what it has to offer in the flesh. Speak to the property team if you can not make our Open Viewing as they may be able to arrange a time to suit you.
Money Money Money
Once you’ve made a decision on a property you’d like to bid on, we advise you do the following;
Download the Legal Pack* and have your Solicitor check everything is in order.
Agree a mortgage in principal or arrange the cash.
Have your 10% deposit ready to go, for when the gavel hits the sounding block on your highest bid, but make a provision for the Buyer Fee.
8The Legal Pack contains the unconditional contract of sale the property is being offered under, along with all the relevant property information, certificates that the Vendor’s Solicitor is prepared to provide.
The good news is that you will know if you are the highest bidder, you will exchange on the property immediately which means no Gazumping and completion is either 14 or 28 days.
Know your limits
It can be quite easy to get carried away at an auction. It’s a pretty dynamic and exciting environment. We advise you to have a budget in mind and have a buffer of approximately £500/£1,000 extra, if it’s going to get you the property of your dreams!