Auction property for sale
How do I buy at a property auction?
Buying at a property auction is an exciting but daunting prospect. You could be bidding in incrementals of £500 to £10,000 and the atmosphere can be very addictive.
Therefore we recommend you are 100% prepared and aware of what a property auction is like before you begin to bid.
First the facts
- You will need to pay a 10% deposit on the day for your auction property. Therefore you need funds available.
- The sale typically will need to be completed within 28 – 30 days of the auction; therefore you need to have your finance and solicitors lined up and in place to ensure you can move quickly
Some sound advice for property auctions
- Go and visit a couple of auctions beforehand to get a feel for the atmosphere and how it works.
- Preparations is key, ensure you visit the property you are interested in and get a survey done before you go and bid on it at the auction.
Questions about property auctions
How many auctions are held each year?
There are currently around 270 property auctions a year in the UK. The size of the auction varies, sometimes with hundreds of lots to perhaps just a view, this depends on the auction house. It was estimated that in 2004 that 30,000 + properties were sold at auction
Where can I find auction property for sale?
Here are some useful services:-
auctionpropertyforsale.co.uk
Propertyauctions.com
