How to buy a property at an auction

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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:

  1. Find a regional auction house here.
  2. Ask for a copy of the catalogue.
  3. Once you have selected which lots to view, go to the property(s) and have a good look around.  Ask as many questions as possible about the property.
  4. Ask for a legal pack once you have chosen which property you intend to bid on.
  5. Have a solicitor check the contract before you commit.
  6. If the property may need building works, now would be a good time to get an idea of how much it will cost.
  7. You need to have your finances arranged and in place prior to the auction.
  8. On auction day, you will need to have photographic identification with you and your solicitors details.
  9. 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.
  10. Any deposit and the full price of the property will need to be paid at this point.
  11. You will need to liaise with your solicitor to ensure any payments are made.
  12. You should now arrange buildings and contents insurance for the property.
  13. You will now wait 28 days before your purchase is fully complete.
  14. The whole process should take at least eight weeks.

Buying at an online auction:

  1. Find a regional auction house here.
  2. Ask for a copy of the catalogue.
  3. Once you have selected which lots to view, go to the property(s) and have a good look around.  Ask as many questions as possible about the property.
  4. Ask for a legal pack once you have chosen which property you intend to bid on.
  5. Have a solicitor check the contract before you commit.
  6. If the property may need building works, now would be a good time to get an idea of how much it will cost.
  7. You need to have your finances arranged and in place prior to the auction.
  8. You now need to registered with the auction house online.
  9. You will have a 7 day bidding window (similar to ebay).
  10. If you have a successful bid, you will pay a 5% reservation deposit then you have 28 days to buy.
  11. You should now instruct your solicitor to proceed with the purchase.
  12. You should finalise your mortgage arrangements.
  13. Exchange of contracts will now take place and a completion date agreed.
  14. You should now arrange buildings and contents insurance for the property.
  15. The whole process should take at least eight weeks.