Buying at a Property Auction 

Caveat emptor - Let the buyer beware

Property Auction usually solely deal in all types of property domestic as well as commercial, building plots as well or development land with planning and without.

Out of all the auction types the largest gains have seemed to be in this category over the past year.  Higher prices than the reserve price, leading more sellers to put their property and land to sell via a auction. 

ALWAYS LOOK AT THE AUCTION CATALOGUE FOR ALL CONDITIONS OF SELLING AND BUYING VIA A AUCTION, THEY DIFFER FROM THE NORMAL  AUCTION/SALEROOM.

Bidding at  property auctions here is fast and much larger bids, some go in bid increments of £500, where others seem to go in plus £1K and £5K increments.

Auctions now hold their their sales as and when they have enough properties for sale, or they will hold a sale for a exclusive property on its own, you would have to ask your auction house as to selling/buying.

Always try an attend a viewing prior to the auction , this is usually set but the auctioneer for the sale, to view the property or land you are interested in buying. Some auctions/salerooms will give you a bidding number or a paddle with a number on, for you to bid at the auction. 

You should have a chance in time, to contact a surveyor to give the interested property a survey. Some auctions have a very short window for viewing and sorting out how you going to pay. So there is a lot  for you to sort out  before going to the auction day.

See if there is a auction guide price to the Property or land,. if not ask the auctioneer for a rough estimate on the lot. Always check in the auction catalogue for the rates of commission before you start bidding, they will range  from auction house. 

Please remember that once the gavel has bid hit down and sold this is a legal contract between you and the auction/saleroom, so be sure not to be carried away with your bidding, set your self a top limit price.

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