| It has been estimated that 30,000 properties are | | | | involving professionals in this way you will know |
| sold at auction every year and many of the | | | | for sure that the description in the catalogue is |
| properties that appear in these auctions are up to | | | | accurate so you know exactly what you are |
| 40% below the prices seen on the high street. | | | | buying. The downside is that these checks could |
| This is one of the main attractions when it comes | | | | involve several hundred pounds and you cannot |
| to buying property at auction, one of the other | | | | guarantee that you will be the winning bidder at |
| main attractions is that you avoid the conventional | | | | the auction. |
| drawn out process that is often involved with | | | | If you are happy with some of the properties |
| house buying. An auction means you can own | | | | seen within catalogue should you start making |
| your property in minutes rather than months. The | | | | financial arrangements prior to the auction. You |
| property is yours as soon as the hammer falls. | | | | should make sure you have a 10% deposit ready |
| When buying a property in this way the auction is | | | | for payment on the actual day of the auction and |
| the easiest part, it's what you need to do before | | | | access to the remaining money within 28 days |
| the auction that is the most important part of it. | | | | after the auction so that if you are successful in |
| Before the auction | | | | purchasing a house you have the money to pay |
| Buying a house at auction is not something you | | | | for it. |
| can just decide to do one day, unless you're a | | | | The day of the auction |
| millionaire. You need to plan and prepare, starting | | | | On the actual day of the auction it is wise to |
| with gaining a catalogue that contains all of the | | | | phone up in advance to check whether your |
| properties up for auction. These catalogues are | | | | property is still being featured. Other than this the |
| printed well in advance of the actual auction | | | | only other thing that you really need to do is bid, |
| meaning you are able to go through it and finely | | | | however remember auctions are not for the |
| read about properties that you are interested in. | | | | fearful. It is always a good idea to take someone |
| When you have identified some of the properties | | | | with you, in some cases it is even a good idea to |
| that you are interested in you will be able to | | | | get the person you take to do the bidding for |
| arrange viewings of them. | | | | you. This is the perfect way to ensure that you |
| It is important that you research the houses as | | | | stick within your limits. |
| much as you can prior to the auction, the more | | | | You also need to ensure that you don't get |
| information that you can gain means the more | | | | emotionally attached to the property, if you don't |
| informed you will be about whether or not to go | | | | succeed in gaining this particular one there will |
| ahead with the purchase. You should ask local | | | | always be others so don't let this cloud your |
| estate agents and neighbours for their opinions on | | | | judgement when it comes to your bidding. |
| the properties you are interested in. | | | | If you are correctly prepared, buying a house at |
| As well as visiting the property yourself you | | | | auction will be a breeze. It could save you money |
| should also get a report done on the building from | | | | and land you with your dream property. So just |
| a surveyor and ask your solicitor to make some | | | | make sure that you do your research as there's |
| checks on the house to look into anything that | | | | no point just turning up on the day, you will get |
| might affect the price or future value of it. By | | | | nowhere. |