A GUIDE TO BUYING A PROPERTY AT AUCTION

FAQ List

What are the advantages of buying at Auction?
What does the catalogue tell me?
Are the guide prices accurate?
Should I inspect the property?
Should I have a survey carried out?
What do I have to pay on the day?
What do I need to bring with me on the auction day?
Do I need to contact the Auctioneers prior to sale?
How do I bid?
What if I am the successful bidder?
Do I have to insure the property?
What happens if the property does not sell?
What happens if I cannot attend the auction?

QUESTION: - What are the advantages of buying at Auction?

ANSWER: - There are many advantages, three of these are:
1) Most properties are offered at a reserve price lower than their market value.
2) An auction demonstrates a free and fair way of buying a property. The auctioneers are impartial and therefore all properties are sold to the highest bidder.
3) If you are the successful bidder you know that the vendor cannot withdraw and that the property is yours on completion, usually 28 days after the auction.