If you are looking to invest in properties or just purchase your dream home, there are a few different ways to get your hands on a property. One that is very popular but can be a daunting process for first-time property owners is to use an auction. Most auction companies will be welcoming of questions and queries if you decide to go to an auction. An auction house we work closely with is Clive Emson: Land and Property Auctioneers. They are known for their sterling reputation for their commitment to quality and service.
We have put together some points for you to keep in mind before the auction, so you feel at ease with the process and ready for the auction ahead.
Do your research first
Make sure you have done some research on the area you are interested in and contact some of the local auction houses. They will be able to give you the relevant information on hot properties, their own processes and also add you to a mail list to receive the lasts auction catalogues.
Take a look for yourself
When a property or 2 have caught your eye, make sure you go and check them out in person. Talk to the auction house that is dealing with the property and arrange a viewing. If you want to be very thorough with your inspection of the building, look to bring a builder or a handyman or woman to help, especially if you are making sure the building is sound or if you are wanting advice on certain work and rough costs of the task at hand.
Can see your particulars please?
Ask the auction house for the particulars for the property you are interested in. Also, ask for a separate legal pack that will give you a better understanding of everything about said property.
Again, if you want to make sure there are no hidden covenants or loopholes, get a solicitor to look over the documents. You don’t want to end up paying loads more right at the last minute.
Keep on your toes
The auctions can come around very quickly. From the time the auction catalogue is published to the auction day itself, it can sometimes be a turnaround of 4 weeks – so be sure to act fast when needed.
Be in the know
Have you heard of the term Addendum? This term may pop up when dealing with auctions. It means that there have been alterations or amendments to the sale conditions. You can ask the auctioneers to keep you in the know or you can also ask them if the property has an opportunity of being sold before the auction date as well.
Know your limit
Keep in mind the maximum price that you are willing to spend. That is taking into consideration your fees and renovations if needed. Also if you are a cash buyer then that makes life a lot simpler at auction, if not just make sure your finances are in order before bidding and keep in mind what the deposit will be.
Last but not least
Always make sure you check the small print, so you’re not stung by any surprises on the day. When you enter a bid you are agreeing to the T’s & C’s.
You are now ready to go to auction and start your property journey. For a helping hand with your next steps when buying your property, make sure you check out our other blogs.