Buying Property at Auction

[MarkJ]

Hi Guys

Have come across a property in a forthcoming auction that I am very interested in buying.

I've done my calcualtions and broadly know where I need to be to make the purchase work (It needs internal renovations doing).

Having never bought at an auction before, in fact never having even been to one, I'm a little nervous.

Anyone out there got any advice, guideance, help as to how I go about buing at auction?

Thanks

Mark J

[Guest trebor69trebor]

Hi Guys

Have come across a property in a forthcoming auction that I am very interested in buying.

I've done my calcualtions and broadly know where I need to be to make the purchase work (It needs internal renovations doing).

Having never bought at an auction before, in fact never having even been to one, I'm a little nervous.

Anyone out there got any advice, guideance, help as to how I go about buing at auction?

Thanks

Mark J

first make sure your moneys in place you need a deposit on the day. do your home work on property to make sure it morgageable property at auction is there for a reason it hard to sell on the open market. ex council house any property attached to a commercial shop or above a chip shop forget it. prepare to spend money even before you start bidding you must get a survey just to reasure to leaders but also for your own benefit. if going to need work please when pricing up complete works required the final figure you come up with double it and then add 10% that will be the right amount needed trust me but the best advice is have fun its only money after all cheers rob.

[Gee]

Hi Mark

The best advice is to visit as many auctions as possible just to get the feel of the procedures and values of properties. It can be quite an experience and if the auctioneer is good then it will be entertaining as well.

You will soon understand what is going on.

Also visit as many web sites of auctioneers as you can, they give invaluable advice on buying and selling at auction and some used to have a video clip as well.

You must get your finances sorted before the auction, if you need a mortgage apply as early as you can to give the lender time to send a surveyor to value the property. If you have any doubts as to the condition of the property get a Homebuyers report, which will cover any conventional house. If there is any doubt as to its structural condition then ask for a structural engineers report or building survey.

If you are outbid or decide not to go for this property, don't worry there will be plenty more in these troubled times.

Good luck and enjoy the auction. (if you really don't want to bid yourself, get someone else to do it, often a member of the auction team will do this if you can't get a friend)

Cheers

Gee