If you have never bought a property at auction before, and aren’t familiar with the process, it can sometimes seem quite daunting, and confusing. That’s why we’ve put together a quick guide to show you the process of buying at auction from start to finish.
First things first, you can do a search right here on our website to see what properties we have available for auction in your preferred areas. You can also contact us to receive a copy of our latest catalogue, which shows available properties and information about upcoming auction days.
If you find a property you are interested in, you can then arrange to view the property. We ask that all buyers carry out their own due diligence checks on a property prior to bidding. We recommend viewing any properties you wish to bid on to ensure you are happy with the condition and location. Once you’re happy with the property, you will need to instruct a surveyor.
All buyers are required to pay a 10% deposit for the property, upon the fall of the gavel. The remaining amount will need to be paid within the 28 days following the auction. Due to this, you will need to have all of your finances arranged, and ensure you have an offer in principle prior to the auction day. Most banks and building societies will wish to instruct a surveyor to prepare a valuation report before making you a mortgage offer, so we advise that you make a mortgage application as soon as possible to ensure this is all in place before the auction.
The next step is to read through all of the legal documentation including any conditions of sale, title deeds, leases, and more. As a buyer, you are buying the property subject to all documentation including within these legal packs. Copies of these can be viewed online, posted out to you, and will also be available to read at our offices or in the auction room.
Before you are able to make any bids on a property, you must register for the auction. This can be done in advance by completing and returning a registration form, which is available on our website, and in the catalogue. This can also be done on the auction day, at the registration desk in the foyer.
You can make bids before, during, and after the auction, and if you’re unable to bid in person at the auction we have telephone and proxy bidding facilities available upon request. If you are bidding in person, we ask that you bid clearly and only up to the amount that you are able to afford.
If you win the property at auction, and once the gavel is brought down, you are then legally required to pay 10% of the overall amount immediately by cheque, bankers draft, or debit card; cash is not accepted.
If you have any further questions regarding the process of buying a property at auction, please don’t hesitate to contact our property auctioneers at Countrywide Property Auctions (South West).