Buying a property at auction can often be an exciting experience. Not only could you be purchasing your next home or investment in super quick time, you could also find the property costs you less than through a traditional sale, overall. If you think buying at auction may be the most suitable method for you, read the following key points in our ‘guide to buying at auction’ .
- View auction properties at yourrighthaus.co.uk – our website is accessible 24/7 where you can view all the latest properties available at auction. Here you have all the specific details about the property, including any pictures, and its location available. There is usually a window of 2-4 weeks to view properties prior to auction.
- Arrange a viewing – this is the most important thing to do before thinking about your bid. You can contact Righthaus, who will arrange a viewing so you can look round the property and inspect it. If the property is in need of renovation, it may also be a good idea to take a builder / tradesperson with you.
- Set a realistic budget – before deciding the maximum price you’re willing to pay, you should consider the deposit amount required, and if you’ll need funds for any renovations. You may also be required to prove you have sufficient funds in place.
- Read the terms and conditions – each auction house will have a set of terms and conditions that you’ll need to familiarise yourself with. You’ll also need to make yourself aware of the conditions of sale, as well as details about making payment(s).
- Attend the auction – the ‘modern auction method’ has been devised in recent years, and means you do not not have to attend the auction in person. Bids can be made on-line or over the phone, and the auction can be viewed online. You should be clear when making a bid and the auctioneer will ensure the room is kept fully informed in terms of where the bidding is at. If you are unable to attend in person, your agent or a solicitor can bid on your behalf.
- Celebrate your purchase – the fall of the auctioneer’s gavel will signify a successful bid and you’ll be required to sign a reservation agreement – the cost of which is in addition to the purchase price. Contracts will need to be signed on completion which should take place within 56 days. You will need to provide two forms of ID, and the remaining balance will also be required within 56 days.
