Buying property at auction can be stressful: the buzz of the auction room means people can make costly, and unnecessary, mistakes. Before the hammer falls on your property dream, take a look at our top tips on surviving property auctions.
- Subscribe to the mailing lists of the agents specialising in the types of property you want to buy.
- Familiarise yourself with the local auction venues and their standard terms of contract.
- Where possible have a dry run to get a feel for the process.
- Carry out simple title checks and searches on your target properties if there is time and have an informal valuation.
- Make sure that you have a 10% deposit ready for the day of the auction.
- Have buildings insurance cover organised for the property in case your bid is accepted.
- Ensure that you take ID documents and that you register with the auctioneer.
- Check if the seller will accept an offer on the property before the auction begins.
- Concentrate, it can be surprisingly easy to bid on the wrong house!
- Stick to your financial limit and don’t get carried away. A sensible friend by your side can be invaluable.
- You are committed once the hammer falls regardless of whether it turns out to be a bargain or a money-pit.
- Payment is nearly always due 28 days after the auction day.