When buying a property at an auction, research it key.
There are a few different guides here covering buying at an auction and buying online at an auction.
Buying at an auction:
- Find a regional auction house here.
- Ask for a copy of the catalogue.
- Once you have selected which lots to view, go to the property(s) and have a good look around. Â Ask as many questions as possible about the property.
- Ask for a legal pack once you have chosen which property you intend to bid on.
- Have a solicitor check the contract before you commit.
- If the property may need building works, now would be a good time to get an idea of how much it will cost.
- You need to have your finances arranged and in place prior to the auction.
- On auction day, you will need to have photographic identification with you and your solicitors details.
- If you have a successful bid, you will make your way to the contracts desk where you will show your identification and sign a contract confirming your purchase.
- Any deposit and the full price of the property will need to be paid at this point.
- You will need to liaise with your solicitor to ensure any payments are made.
- You should now arrange buildings and contents insurance for the property.
- You will now wait 28 days before your purchase is fully complete.
- The whole process should take at least eight weeks.
Buying at an online auction:
- Find a regional auction house here.
- Ask for a copy of the catalogue.
- Once you have selected which lots to view, go to the property(s) and have a good look around. Â Ask as many questions as possible about the property.
- Ask for a legal pack once you have chosen which property you intend to bid on.
- Have a solicitor check the contract before you commit.
- If the property may need building works, now would be a good time to get an idea of how much it will cost.
- You need to have your finances arranged and in place prior to the auction.
- You now need to registered with the auction house online.
- You will have a 7 day bidding window (similar to ebay).
- If you have a successful bid, you will pay a 5% reservation deposit then you have 28 days to buy.
- You should now instruct your solicitor to proceed with the purchase.
- You should finalise your mortgage arrangements.
- Exchange of contracts will now take place and a completion date agreed.
- You should now arrange buildings and contents insurance for the property.
- The whole process should take at least eight weeks.