FIVE TOP TIPS FOR FIRST TIME AUCTION BUYERS
People looking for a way to save time on searching for and buying property often turn to auctions to speed up the process. When the gavel goes down, the lot is yours and often for a fraction of the price. However, buying at auction isn’t necessarily as straight forward as you think and making sure you’re prepared before you buy is just as important to ensure that you don’t wind up in a sticky situation.
Take a look at our ultimate top 5 tips for buying at auction:
Sit in on an auction before you take part in one. Experiencing a fast-paced auction for the first time can be overwhelming, so ensuring you’re ready for the atmosphere of the auction room can help keep your head clear on the day.
Do your research. Browse the auction house catalogue in advance so you aren’t relying on choosing a property on auction day. It’ll help you get to know the properties available before you bid. Always view what’s on offer! As with traditional property buying it is essential to check before you buy.
Get legal advice before you bid. The advice of a chartered surveyor can make sure you fully understand what you are bidding for.
Decide on a maximum bid before you go to auction and be strict! If you know you won’t stick to budget, get someone who will to bid for you.
Prepare, and prepare again. Bidding at auction is a binding contract so make sure you have the necessary funds in place and that you have the right forms of ID with you.
Finally, remember that bids can be accepted at a later date if the reserve price isn’t met so leave your details with the auctioneer.