If you are a private buyer there are a number of key issues you need to
consider before making your first serious bid at a property
auction...
Visit an auction - We would always suggest that you attend an
auction to 'get a feel' for the auction process itself. It is also a useful
opportunity to perhaps ask the auctioneer any questions you may have.
Finance - Unlike an estate agent purchase, you will need to have
enough funds to pay your deposit on the day of the sale (usually 10%)
plus you will have to have your mortgage in place to pay the balance
if you are successful which usually is due 28 days later.
Survey - We would always recommend that you have a survey undertaken
to ensure that the property is sound. If you are taking out a mortgage your
lender will wish to have their surveyor assess the property prior to the
sale date.
Choosing the right property - It is important that you are careful in
your selection of the property you wish to buy because any survey costs are
payable by you, whether you are successful on the sale day or not. Research
the market carefully to find a selection of properties and arrange with the
auctioneer a viewing as soon as possible.
