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Buying a flat at auction...
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"Yeah make sure you read the legal pack on any place you look at could be some surprises  "
Yes I'm getting that today. They're been a bit reticent so I'm hoping no huge surprises. If there are then so be it, there will be others. |
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By *iss.ddWoman
over a year ago
Leeds + Newcastle |
Are you able to complete, legally and financially within the stipulated time they give?
Last time I looked for property that way it had to be done in 28 days or there was a penalty fine. That was on reposession auction property though |
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By (user no longer on site)
over a year ago
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Usually it's not a good idea to buy property at auction. Whoever wins is actually the biggest loser, don't bring your emotions into it. The auctioneers are there to get the most money put of you. If you bring your emotions into it (more a problem for men) and get I to a bidding war, you'll be the biggest loser because you said the most for it! Whereas a house for sale from an agent you'll try get the lowest for it!  |
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By *oo32Man
over a year ago
tipperary |
"Good morning all
Does anyone any words of wisdom or advice re above please?
Anything I need to be aware of/things to avoid?
I've viewed the property and the auction is is a few weeks.
"
Get a catalogue from them....
Get value for your money
Get a lawyer to go through all the fine print for you |
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If all looks ok with everything mentioned here ... when you get to the auction bid with confidence. If you appear to be determined you’d be surprised how many can be put off by this, almost a ‘ I’m having this at whatever cost’ ... even though you will have your ceiling price that you should always stick to, doesn’t always work but can help dependant on who else is there ......  I’ve won lots many times using this tactic
Good luck x |
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Go on Rightmove or Land Registry to see what other properties in the area have recently sold for so you don’t over bid.
Make sure you have the deposit ready to pay on the day & can complete within 28 days. Make sure you have enough to pay all the legal fees etc...
View the inside of the property with a builder/surveyor if possible prior to the auction.
Ensure you have a really good survey done if you do win.
Get someone to maybe bid on your behalf - they won’t go over your top limit. |
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"Go on Rightmove or Land Registry to see what other properties in the area have recently sold for so you don’t over bid.
Make sure you have the deposit ready to pay on the day & can complete within 28 days. Make sure you have enough to pay all the legal fees etc...
View the inside of the property with a builder/surveyor if possible prior to the auction.
Ensure you have a really good survey done if you do win.
Get someone to maybe bid on your behalf - they won’t go over your top limit. "
Thank you, great advice. |
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Before you hit your ceiling price, drop out and then wait till it goes twice then counter, often the emotion of nearly having it and then you countering can make them cave in. Play with their emotions and get in their head, it's dog eat dog out there |
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By *AYENCouple
over a year ago
Lincolnshire |
Hopefully you're looking at a freehold property, if it's a leasehold you are not really buying the property, just the lease. Length of lease is critical, as the property will devalue exponentially when the lease dips below 60 or 70 years. |
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"Before you hit your ceiling price, drop out and then wait till it goes twice then counter, often the emotion of nearly having it and then you countering can make them cave in. Play with their emotions and get in their head, it's dog eat dog out there"
As someone who used to go to auctions regular , this is terrible advice. You do this and the other person will simply say ahh ok nearly had you there, stick another bid in and you will most likely leave it, your actually asking for another bid |
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"Usually it's not a good idea to buy property at auction. Whoever wins is actually the biggest loser, don't bring your emotions into it. The auctioneers are there to get the most money put of you. If you bring your emotions into it (more a problem for men) and get I to a bidding war, you'll be the biggest loser because you said the most for it! Whereas a house for sale from an agent you'll try get the lowest for it! "
How can they be a loser if they win the bid ? Most auctions sell for under there real value price , due to repos or quick sales. Unless you got yourself in a bidding war and kept going most bid winners get themselves a bargain. |
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By (user no longer on site)
over a year ago
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Remember that there’s a hammer price/tax added on top of the price you “win” at.
Make sure there are no structural/damp issues.
I’d personally steer clear, unless it was a foreclosure. There can be a lot of issues with homes at auction. Once you buy, it’s all your issue. Hopefully you’ve found a good one, and get it at a good deal.
As others have mentioned: don’t put any emotion into your purchase. You’ll need it cheap, there’s bound to be some issues that will need rectified.
Good luck op. |
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"Remember that there’s a hammer price/tax added on top of the price you “win” at.
Make sure there are no structural/damp issues.
I’d personally steer clear, unless it was a foreclosure. There can be a lot of issues with homes at auction. Once you buy, it’s all your issue. Hopefully you’ve found a good one, and get it at a good deal.
As others have mentioned: don’t put any emotion into your purchase. You’ll need it cheap, there’s bound to be some issues that will need rectified.
Good luck op. "
Thanks, it's a repossession. I know what it's worth so if I do bid I wont be going over that. I've bought property in the traditional way before and I know from experience if something falls through theres generally something as good or better round the corner.
Great advice on this thread. |
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