A Quick Guide to Buying a House at Auction

Knowledge is power! Start by finding auction houses and browsing their catalogues. Get familiar with the different types of auctions—traditional (exchange contracts immediately) and modern (allows a longer timeframe for completion). Understanding the process will help you avoid costly surprises.

Before you get caught up in the excitement of bidding, establish a clear budget. Factor in not just the purchase price but also legal fees, stamp duty, and any potential renovation costs. If you're using a mortgage, make sure your lender is on board with auction purchases.

Never judge a house solely by its online photos! Visit in person to assess the condition and estimate any repair costs. A bargain can quickly turn into a money pit if you're not careful.

Auction properties come with a legal pack containing crucial documents. Having a solicitor review it before bidding can save you from legal headaches down the line.

You can't just show up and start bidding—you need to register! Choose how you want to bid: in person, online, over the phone, or via a proxy. Each method has its own advantages, so pick what suits you best.

It’s game time! If you win, be ready to pay a deposit (typically 10%) and sign the contracts immediately. Once the hammer falls, there’s no backing out—you’re legally committed to the purchase.

After winning, you’ll have a set deadline (usually 28 days for traditional auctions) to finalize legal paperwork and pay the remaining balance. Make sure you stay on top of this to avoid penalties!

If a property doesn’t sell, don’t walk away just yet! Unsold properties often become available for post-auction negotiation. This could be your chance to snap up a deal at a lower price.

Buying a house at auction can be a thrilling way to secure a property, but preparation is key. Do your research, set a solid budget, and seek professional advice where needed. Happy bidding!