Getting ready to buy at auction
Your considerations should include researching the property, the auction's process and finally what to expect after you have won the property.
What to consider when buying at auction
Register for the auction
Registering with the auction house should be done well in advance to avoid any delays when it comes to bidding on a property within the auction.
By registering, you'll also be able to better request documentation on properties of interest, as the auction house will already have all your details to hand.
Research the property
After finding the desired property you wish to bid on, researching the property well in advance is recommended.
You should thoroughly read any legal documentation, including the legal pack.
You should also visit the property, estimate and calculate the costs of everything involved (solicitors, fees, your maximum bid, etc.) and start to get your finances ready.
What to expect once you have won
When the gavel falls, and you're the highest bidder, you are legally bound to purchase that property. Therefore, a deposit will be immediately taken from you.
You should have all your fiance secured and in place — ready to complete the purchase, which can take up to 28-days or longer (depending on what's outlined within the legal documentation).
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* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.