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Property Auction Guide in Sutton Coldfield, Lichfield & Tamworth - Bergason Property Services Limited
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Property Auction Guide in Sutton Coldfield, Lichfield & Tamworth - Bergason Property Services Limited

How to buy at auction

If you're nervous about the auction process (which isn't nearly as scary as it's made to look on films) you could get your solicitor or surveyor to do the bidding for you. You can either stand beside them or, if you prefer, could stay at home clutching teddy and waiting for the phone to ring with the news.

You should always set a price limit on the property.

If you're doing the bidding yourself don't get carried away and exceed it. Just because someone else is bidding higher doesn't mean the property has suddenly gone up in value.

You would know what to pay for your chosen property because you'd have conducted a valuation/survey and the conveyancing and arranged a mortgage beforehand.

The mortgage lender will need to be satisfied with the valuation so make sure they're in agreement with your arrangements, otherwise there'll be a delay.

You should also consider having a full survey done to protect yourself. Perhaps the property is for sale because it's got serious structural problems... which a simple valuation may not pick up... It may cost more but it will save you from a potential huge loss.

If your bid is successful you are legally bound to buy the property and will need to put a down payment deposit there and then of 10% of the property's price.

You would sign the contract (which you've seen beforehand) in the sale room.

The seller is legally bound to complete on the day. You would pay them the rest of the price (ie 90%) within the next 28 days.

If necessary you could use a bridging loan to pay this off. These are short-term loans which are often used for auction purchases.

A good idea is to attend a few auctions as an observer and get a feel for them.

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