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Preparing to buy a property at auction |
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If you are a private buyer there are a number of key issues you need to consider before making your first serious bid at a property auction... Visit an auction - We would always suggest that you attend an auction to 'get a feel' for the auction process itself. It is also a useful opportunity to perhaps ask the auctioneer any questions you may have. Finance - Unlike an estate agent purchase, you will need to have your enough funds to pay your deposit on the day of the sale (usually 10%) plus you will have to have your mortgage in place to pay the balance if you are successful which usually is due 28 days later. Survey - We would always recommend that you have a survey undertaken to ensure that the property is sound. If you are taking out a mortgage your lender will wish to have their surveyor assess the property prior to the sale date. Choosing the right property - It is important that you are careful in your selection of the property you wish to buy because any survey costs are payable by you, whether you are successful on the sale day or not. Research the market carefully to find a selection of properties and arrange with the auctioneer a viewing as soon as possible. |
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