Buy A House At Auction

house street

Auctions have become increasingly popular as a way of getting a good deal in buying a home. How do these auctions work and what should you be aware of?

The first rule of buying at house auction is always remember how much money you can afford to invest in a property. If you get carried away, you may find yourself with a home you cannot afford.

Buying property at a house auction is becoming increasingly popular, especially at the higher end of the market, but you need to keep a cool head and not get carried away with the excitement of a bidding war.

Do Your Research

Before the auction begins, make sure you have gathered as much information as possible about any property that interests you. View the property thoroughly and look at all legal documents connected to it. Think about all the other fees that will be payable if you decide to buy and remember that it is too late to change your mind after the hammer has fallen.

By Auction

If you have never attended an auction before, talk to the auctioneers before it begins as they are usually happy to offer advice. They will also let you know how to bid, deposit required, timing for rest of monies and legal terms and conditions.

What About Reserve Price?

Any property offered for sale at an auction will usually have a reserve price, which means it will remain unsold if that price is not reached. If a property is advertised as being 'without reserve', the auctioneer is obliged to accept the highest bid, regardless of how much it is.

In Summary

So do we think it is a good place to secure a property - of course! Take someone with you who knows your budget, who has more self control and that has nothing to do with the property (ie hasn't seen it) as they will provide you with a hope of not spending too much.

Useful Websites

Add Your Site Here
  • Property Auction Action
    Offering information on property auctions across the UK. From flats to houses or apartments, if it's in an auction house then we'll have the auction house details.
  • Property Auctions
    Gateway to the UK property auction market, database of properties available at auction with guide prices, results, and catalogue request facilities
  • Add Your Website Here

Further Reading

  • Buying Property at Auction

    Looking to buy a new house? Considered buying a property at an auction house before?
  • Advice For Viewing A House

    Read our simple property advice for viewing a house. Basic rules and ideas to ensure you don't get rose tinted glasses. The Lifestyle consumer guides can help you save money and time!
  • Renting A Property

    When renting a property for the first time - what are the do's & don'ts and what do you need to consider? Read our simple consumer guides for some ideas.
  • Your Options When Buying A House

    When buying a house think of all the ways possible so you get it right for you. Read our simple consumer guides to make sure you don't waste money or time!
  • Making An Offer on a House

    So you are thinking of making a house offer. Read our consumer guides to make sure you don't forget anything vital or lose money from fixtures and fittings.

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