A guide to buying property at auction, including repossessions

The main attraction of buying at auction is that you avoid the conventional drawn out process of house buying.

At auction it's condensed into a matter of minutes rather than months and when the hammer falls, you own the property.The length of time from auction to completed sale can be as little as a month.

Top Tip

Many experts will advise attending a few auctions as a spectator before considering buying at an auction. This will help to familiarise you with the bidding process.

Top Tip

When viewing an auction property take a builder and / or architect with you who can point out any renovation or obvious structural work which may be required and give you an idea of likely cost.

 

 

 

Key Fact

At auction a successful bid is legally binding the moment the hammer drops. Around 10% of the price is required up front at the auction, with the rest within 28 days.



Key Fact

The property becomes the buyer's insurable risk as soon as the hammer falls.


Buying at Auction

Buying a home at an auction can be cheaper than other traditional routes. Prices are usually very competitive and often cheaper than on the high street. Auctions, wherever their location, can contain properties (but also attract buyers) from all over the country. Properties can be much more varied than in the high street, with unique properties that are difficult to value, repossessed homes needing a quick sale and any unusual property that might be difficult to sell through normal channels.