Conveyancer Kathryn Burrell gives her advice on buying property at auction
With all the interest in the media along with various television programmes revolving around auction properties there are a few points to note.
Going to an auction can be exciting and scary. You should do your homework prior to the auction. The Auction company in charge of the auction should be able to give you a brochure featuring properties with suggestions of guide prices.
If you find a house in the brochure make a note of the details and then turn into a detective by checking on various web sites, such as sites giving details of prices properties have attained in the area, or other sites with general information about the area (if you are not acquainted with the area) which are also available. Go and visit the area and have a look at the property.
The most important point of buying at auction is to set your limits and not be tempted to go over the limit. There will be additional fees to pay at the auction details of which will be readily available.
A sales pack which may include search results will be available for you to check prior to bidding.
You can request a Conveyancer to attend at the auction with you however please check the individual costs for this.
You must be aware that if you are successful on the day of the auction you will be required to pay a deposit with the most important point being that once you commit yourself you will have to go through with the purchase within 1 month of the auction Please make sure your finances are in order prior to the auction.