Buyers 10 Steps to Auction Success
Buying an auction property is an easy process. We have broken it down into ten steps which are easy to follow. If you still have questions then call us on 0345 873 1366 for further advice.
Know What You Want
- Auctions do not work for everyone, so make sure the process is right for you before you get in too deep.
- It is vital you know what you want and why you want it - if you are not totally sure on this you should not attempt to buy at auction.
- Subscribe to email alerts to ensure you keep up to date with all available property lots.
- Keep reading local press and visit our website regularly to ensure you are fully aware of all upcoming auctions.
- Hear about properties that are right for you as soon as they become available, this gives you the best chance to view options and plan your next move.
View a Catalogue
- View the electronic catalogue on our website or ask for the printed version; we can mail it to you or you can pick one up from our office.
- This will contain finalised details of all properties in an upcoming auction - including photos, guide prices and usually a floorplan.
- If a catalogue is not available, you can view draft property details on our website or they can be emailed to you on request.
Open Day Viewing
- Try to visit the property on it's first open day. If possible take someone with you who's opinion you value as this will help you make a better judgement on the property.
- Auction House Team Members will be available at the Open Day to answer any questions you have about the property.
- Visit the property again - this will allow you to gauge whether the thoughts you had during your initial viewing were accurate.
Surveys and Reports
- Properties sold at auction may not always be in the best condition.
- It is important to consider having a survey, quotes or reports from builders and specialist tradesmen before you decide to bid on a property.
- Make sure you receive all of these prior to the auction and you have all the information you require before bidding on a property.
- It is important to involve your solicitors in this process at the earliest possible point.
- They will inspect the legal packs and other information, such as searches and planning permission - these can be accessed online.
- Their advice and expertise could prove invaluable before committing to bid.
- Remember once the hammer comes down it's too late to change your mind.
You will need:
- 10% of the purchase price available on the day of the auction (subject to a minimum on low priced properties)
- The remainder of the purchase price and fees in readiness for completion (usually within 28 days of the auction)
- You can organise this with your financial adviser, bank or through the use of short-term finance; our recommended associates are Auction Finance, Bridging Finance Solutions and Watts Commercial.
- Note: It is important to contact your insurers as after exchange you will be responsible for the insurance of the property.
Determine Your Bid
- Be organised - ensure you determine your budget before the auction and include all costs that will occur after a successful bid, such as professional fees and stamp duty.
- There will be an administration fee to be paid to the auctioneers for their services.
- Set a maximum bid level before the auction and make sure you stick to it to ensure you do not get carried away and exceed your means.
Auction Day Tips
- Always check before the auction that the property you are interested in has not been withdrawn prior, sold prior or postponed.
- Arrive at the auction in plenty of time - auctions can often be very busy with limited space and you should make sure you are in clear view of the auctioneer's rostrum.
- Last minute changes to catalogue entries will be handed out on an 'addendum' at the auction.
- If you have any queries prior to the start of the auction, please speak to either our auctioneer or a member of the Auction House team.
- Ensure you make it clear when you wish to bid on a property by holding up either your hand or a catalogue.
- If you wish to bid a different amount than is being offered by the auctioneer, you can shout this out.
After the Hammer Falls
- The fall of the hammer signifies an exchange of contracts and a legally binding sale.
- At this point if you have been successful, you must pay a 10% deposit, the administration charge and sign a memorandum of sale.
Make sure you have forms of ID with you:
- either a passport or driving license and
- a utility bill
- If the property you are interested in does not reach it's reserve and is not sold in the room - speak with a member of the Auction House team and inform them you are still interested. It may be possible for a sale to be negotiated quickly under auction rules.
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