Buying at auction - what you need to do
A property auction can be a thrilling way to buy property, and snap up a bargain. They aren’t just good for buying repossessed homes, it’s now possible to buy all kinds of properties at auction. However it is essential that you do your homework before trying to buy a property at auction, and you need to put a number of important things in place before you go. It does't matter what your reason for buying at auction is, the key to success is preparation.
Before you go to auction to buy a property there's a lot of groundwork that needs to be done. A good place to start is by making a list of must haves (what you're looking for basically), then once you've found the property you'd like to buy, you now need to prepare for the auction. Check out our handy guide to help you get everything ready.
Remember, if you've decided on the property that you want to bid on, and have everything in place in order to attend the auction, then the final piece of advice, in the run-up to the auction, is to keep an eye on the 'guide price' (this is the price listed in the catalogue). Before the auction, contact the auction house just to make sure the property is still available.
Also make sure you have made a decision on what your maximum bid will be. This will be based on your view of the property's value (having carried out viewings and local searches) rather than the guide price, and on the money you have available.
Now, the auction day itself is by far the most exciting part of buying or selling at auction. To know what your role will be and what to expect on the auction day, have a quick read of our STEP BY STEP guide.
Remember, that if you have any queries or need some advice, the auctioneers are always on hand to help, both before the auction and during the day.