BGN Entrepreneur

Auctions are a great way to buy property competitively. However, there is more to do than just turning up and landing yourself a bargain.

Do…
1. Familiarise yourself with the process. Attend a couple of auctions without bidding, to see how it’s done.
2. Research. Information on a property will be provided by the auction house three to four weeks before the sale takes place, but it’s also a good idea to look into the local area.
3. View the property—a lot! It’s easy to miss things first time round, so arrange a few viewings (at different times of day), so you get a realistic picture.
4. Organise your finances. If your bid is successful, you pay a 10% deposit immediately and the remaining balance in 28 days.

Don’t…
1. Lose your cool. Set a top price and stick to it—don’t be tempted to up your limit!
2. Forget about extra costs. You won’t only be paying for the house. It’s wise to do a survey before you bid (which can cost about 500 pound) and there may be a buyer’s premium for the auctioneer (an extra 1.5%).
3. Get carried away. Make sure your focus is tight. Bear in mind you’ll need to deal with valuers and surveyors on each property you bid for.
4. Get lazy. Take time to examine the contracts thoroughly before signing anything. Always get legal or professional advice from a solicitor and, in some cases, a chartered surveyor.

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