If you're wondering how to purchase a property at auction, whether it is an investment opportunity, land for development or a home for you to enjoy, this blog will provide recommendations and guidance, so come auction day you will feel confident and informed.
Found a Property? Arrange a Viewing
If you've seen a property you're interested in, we recommend viewing it as soon as possible. A property viewing is your opportunity to assess and ask questions. Furthermore, if you are considering an investment property or somewhere in need of modernisation, this is your chance to calculate the scope of the work and review the market to ensure it is a worthwhile project.
Thoroughly Review the Legal Pack
Each of our properties sold at auction has a Legal Pack, which includes documentation prepared by the seller's solicitor. These are easily accessible via our website and can be downloaded from the property listing once you have registered/logged in.
The Legal Pack outlines important information like additional fees, conditions of sale and restrictions.
After you've had the opportunity to review the Legal Pack yourself, we also recommend enlisting a property solicitor who is familiar with the auction process so that you can make a clear and informed decision regarding your purchase.
Get your Finances in Order
Due to the short timescale for the purchase and completion of an auction property, long-term financing such as mortgages can be challenging to put in place quickly enough. The deadline for completion is usually within 28 days of the auction, so we recommend using an auction finance specialist lender like Together, who provide short-term bridging loans to ensure the funds are available within the necessary timeframes.
Register to Bid
Before you can buy a property at auction, you must register to bid, and this is done through our website. There are various ways to bid at our property auctions; via phone, online or by proxy – simply select the option best suited to you.
We hope this article has helped to shed some light on how to purchase a property at auction, but if you have any further questions, please don't hesitate to contact your local Auction House team to get them answered!
