At auction sales you find many opportunities to purchase the unusual or hard to find properties, especially those with scope to profit by modernisation and repair. It is an attractive way to buy due to the transparency and certainty it offers.
Follow these tips and there is little possibility of falling into any traps.
- Identify the ideal property and carefully cost any work, research the finished value and set your budget.
- Check the legal pack yourself with particular attention to the Special Conditions then ask the auction department to explain anything you are unsure of. If happy all is well but do obtain legal advice. Doing it this way will avoid wasted legal fees.
- Register your interest with the auction department. They will then be able to advise you of any changes in the legal pack and availability.
- Check the individual procedures for each auctioneer, they may vary in buyers fees and registration to bid procedures and acceptable methods of payment.
- If you want to offer to buy before the auction, remember that only an offer higher than the seller expects is likely to be considered and high offers prior to the day might push up the final expectation. Be sure you are happy to show your hand. It is usually better to wait and complete on the day.