Property auctions can be a great way of picking up a bargain but it’s easy to get your fingers burned as well. Here are our top tips for buying at a property auction:
- Have a top price that you will go to but never go more than this. You need to be disciplined.
- Always be prepared to pay for a property survey and be prepared to lose this money if you don’t win the bid.
- Never buy a property without viewing it first. That way disaster lies!
- Get a solicitor to check the legal pack that the property comes with
- Make sure your finances are in place – you will need to pay at least a 10% deposit and complete within 28 days.
- Always read the small print and make sure you read the latest version. It’s not unknown for sellers to add clauses at the last minute
- Be aware that you will have to pay auctioneer’s fees as well as stamp duty
- If you’re new to auctions then go to a couple first to get a feel for how they operate before making a purchase.
Property auctions can be a bit of a minefield so always go in with your eyes wide open and be prepared to walk away when a property value escalates beyond your budget.
