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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.
Please
read disclaimer
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