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A Simple Guide to Auctions

by | Aug 11, 2016 | Advice, Brokers, Clients

Alexandra Davey

Alexandra Davey

By Alexandra Davey

Buying a property can be a timely exercise and some people favour purchasing a property at an auction as this reduces the process from taking weeks to just days!

If you’re considering purchasing a property at auction be aware, as soon as the hammer falls, you have committed.

Some helpful hints….

1. Experience an auction

It is highly recommended that you experience a property auction before you consider bidding. Sit back, watch and learn the process.

2. Do your homework

Before attending the auction, request a copy of the catalogue which will detail the properties available at the auction. If there is a property that you are interested in, instruct a solicitor to review the legal pack for you. This should avoid any nasty surprises.

3. Visit the properties

We recommend that you visit the property before you attend the auction. It is extremely important to carry out all of the usual checks when looking for a property.

4. Instruct a surveyor

It is advisable to instruct a chartered surveyor. Any “deal breaker” issues will be highlighted beforehand.

5. Arrange your finances

You must have a 10% deposit with you on the auction day. You will be required to produce the remaining 90% within a set period of time; often this will be within twenty-eight days. If you require a mortgage,
it is prudent that you have discussed all the financial implications with the bank or building society and have arranged a mortgage in principle. If you’re not sure you will have the 90% balance within the time frame set, do not bid!

6. Think about where you sit

Sit towards the back of the hall so you can see who you are bidding against.

7. Have in mind a maximum price

To avoid paying more than you can afford have a maximum price in mind and stick to it!

Give us a call to arrange a chat about your requirements if you are considering selling or buying at auction.

01206 764477
enquiries@ellisonssolicitors.com
www.ellisonssolicitors.com

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