Top tips for buying at a property auction

Top tips for buying at a property auction

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:

  1. Have a top price that you will go to but never go more than this. You need to be disciplined.
  2. Always be prepared to pay for a property survey and be prepared to lose this money if you don’t win the bid.
  3. Never buy a property without viewing it first. That way disaster lies!
  4. Get a solicitor to check the legal pack that the property comes with
  5. Make sure your finances are in place – you will need to pay at least a 10% deposit and complete within 28 days.
  6. 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
  7. Be aware that you will have to pay auctioneer’s fees as well as stamp duty
  8. 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.