When it comes to snapping up a property at a steal, auctions can feel like the Wild West of real estate. Competitive bidding, fast timelines, and homes sold as-is—this route isn't for the faint-hearted. But if you've got the nerve and a bit of prep behind you, auctions can be where fortunes are made.
🔍 Step 1: Do Your Homework
Before the hammer falls, research is your best mate.
- Track Auction Houses: Find local auctioneers (Savills, Clive Emson, or Allsop) and sign up for alerts.
- Review Catalogues: Read auction listings carefully. Each entry includes legal packs, guide prices, and viewings.
- Location Matters: Check neighbourhoods for crime rates, transport links, and development potential.
📜 Step 2: Inspect the Legal Pack
You wouldn’t buy a used car without checking under the hood—and property is no different.
- What's in the Pack: Title deeds, searches, leases, planning permissions, and disclosures.
- Use a Solicitor: Have a conveyancing solicitor look over documents to spot red flags.
- Ask Questions: Contact the auction house if anything feels vague or unclear.
🏃 Step 3: View the Property
Photos rarely tell the whole story.
- Attend Open Days: Most auction properties have fixed viewing slots.
- Bring a Surveyor: Especially for older or unusual homes, this could save you thousands.
- Look for Issues: Think damp, structural cracks, infestations, or dodgy DIY jobs.
💰 Step 4: Sort Your Finances
When the gavel hits, the money clock starts ticking.
- Deposit on the Day: Typically 10% of the sale price is due immediately.
- Full Amount Soon After: Usually within 28 days.
- No Mortgage Yet?: Consider getting a mortgage in principle early or line up bridging finance.
🎯 Step 5: Set Your Limit and Stick to It
Auction fever is real. Don’t let adrenaline bankrupt you.
- Know Your Max Bid: Factor in renovation costs, taxes, and fees.
- Bid With Discipline: It’s easy to get swept up—stay cool and confident.
🔨Step 6: Attend the Auction
This is where the drama unfolds.
- Online or In-Person: Many auctions are now livestreamed—perfect for home bidders.
- Register Early: Make sure you’ve provided ID and proof of funds ahead of time.
- Winning?: Pay the deposit and sign the memorandum of sale on the spot.
📦 Final Step: Complete the Purchase
After the auction, things move fast.
- Solicitor Finalises: They handle transfer of title and registration.
- Pay the Balance: Often within four weeks of auction day.
- Plan Renovations: You’re now the proud owner. Time to bring your vision to life.
Buying at auction isn’t for everyone—but if you love a challenge and can make decisions fast, it can be a brilliant way to snag a dream project. Ready to raise your paddle?
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