|
# Visit at least three or four auctions to get a general sense
of proceedings. So you know exactly what to expect when you
actually come to bid on a lot.
# Find suitable properties in your price range. Guide prices
are there to give only an indication, the eventual sale price
may be higher.
# Go along to an auction on a "dummy run" and see
what happens. Don’t bid though! It’s a trial run,
that’s all. But a very useful exercise before you get
involved in the "real thing."
# Contact the auctioneer as soon as possible for further information
and any special conditions of sale on each property.
# Get the legal pack from the
auction house for each property you interested in. Once you
have looked at it, get it to your solicitor for checking,
particularly if it’s a leasehold
flat. The deeds need to be checked in respect of title. Its
not unknown for deeds to have been lost so get the legal pack
early.
# Check with the auctioneer by
phone on the day of sale that your target lot has not been
sold or withdrawn prior. You don’t
want a wasted journey.
# Source auction properties as early on as possible, there
are a lot of preparations to be done i.e. viewings, agreeing
a mortgage, arranging a survey and appointing a solicitor.
# Arrange to have a structural
survey if you are concerned with a properties condition.
It will cost but if you don’t
it could cost you a lot more!
# Find a reliable builder to view the property to give you
an idea of the likely costs of a refurbishment before you get
a survey. Bring him with you to the viewing.
# Do your sums and decide your
maximum price and stick to it. Don’t get carried away by "Auction
Fever"
# Have your finances in place.
Agree a mortgage in advance with a lender and have the deposit
ready on the day. If your bid is successful you will have
to leave a 10% deposit with the auctioneer as soon as the
hammer falls. You will then be expected to complete within
28 days. If you don’t your
10% could be lost!
# Arrange insurance. Once the hammer falls the property is
your responsibility.
# Find yourself an experienced solicitor who can act quickly
on your behalf.
# Don't bid on a property if you have any doubts at all. I
may be a bargain but.....!!
|
