Identify properties you're interested in and research local auction houses.
Attend viewings to assess the property's condition and suitability.
Review the auction pack provided by the auctioneer, which contains crucial legal information and searches.
Engage with a solicitor specialising in auction purchases is essential for reviewing the legal pack and providing advice.
Determine how you will fund the purchase (mortgage, cash, auction finance) and ensure you have the necessary funds or approval in place.
Establish your maximum bid, considering potential fees and costs.
Buyers need to pay a deposit, usually 10% of the purchase price, on the day of the auction, unless otherwise stated in the contract.
In traditional auctions, exchange and completion happen on the same day, with a 28-day period for completion, unless otherwise stated in the contract.
Buyers should consider getting a survey to assess the property's condition, although it's not mandatory.
Buyers should budget for additional fees, such as auctioneer's fees and administration costs, on top of the purchase price.
Buyers need to provide identification and proof of address to register for bidding.
Deposits are typically paid by via bank transfer or card payment, on the day of the auction.
If a property remains unsold, buyers may have the opportunity to negotiate a private sale with the seller.