Buying property at auction can be a great way to start or build your investment portfolio, but it’s important to follow some simple steps to make sure you get the right property at the right price.
Here’s our simple step-by-step guide to bidding and buying at auction.
- Always read the Notice to All Bidders
- Always try and view the property if possible before bidding
- Set yourself a limit that you are prepared to bid up to
- If looking to arrange a mortgage/finance, always get the lenders valuation carried out and results received prior to the auction
- Always ask a solicitor to look over a legal pack if you are not competent to do so yourself.
- Speak to local agents with regard to local market trends and values
- Try attend a couple of auctions before the one at which you are bidding to see what its all about. The auction room can feel a little intimidating first time around but it is also great fun if you’re prepared
- Always contact a member of staff if you are unsure of the process, they will be more than happy to guide you through the process and point you in the right direction with regard to viewing times, legal pack and what is required to bid
- A 10% deposit (minimum of £2,000) is taken on the day of auction, this can only be paid by cash (up to the value of £8,000), cheque or bankers draft. No debit or credit cards can be accepted by way of a deposit. if successful, a Buyers Premium of £450 + VAT is payable.
- Photographic identification must be brought to the auction to comply with money laundering regulations