Buying Property at Auction – top tips

Obtain a copy of the catalogue from the relevant auction house. Many auction houses hold regular sales and are happy to issue catalogues to prospective buyers even some weeks in advance of the auction. It is also useful to be added to their email/mailing list too.

Always arrange a viewing of the lot(s) that are of interest to you. Most of the auction houses hold open days or multiple viewing opportunities before the auction is held. If you are not experienced in property maintenance or identifying more serious issues such as structural implications then you may be wise to take someone with you who is more experienced in this field.

Once you have a property in mind to bid on, or at the very least have a shortlist, research the property thoroughly. Get in touch with local estate agents and neighbours and ask for their opinions on the area. Find out if any of the estate agents have tried to market the property prior to going to auction and identify any reasons why it may not of sold. If you can, find out the position of the current owner and why they are selling.

Make sure you have checked all the particulars of the property, don’t just take the auction catalogue information as accurate. It is also prudent to get any legal advice you need in advance of the auctions and carry out the usual property and land searches.

Take care to read and understand the terms and conditions of the auctioneers sale. These are printed in the catalogue. Take legal advice if you have any doubts.

Get your finances in order. You are likely to need 10% deposit ready for payment on the day of the auction. Any deposit will be highlighted in the catalogue. When the contracts are signed you usually have 28 days to complete the sale, so it is imperative to ensure you have all finances in place in advance, at least to have a decision in principle from a lender. If you are looking to buy from auction, talk to Harvey Bowes today about your finance options.

 Your home may be repossessed if you do not keep up repayments on your mortgage

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