Buying from Auction: My 10 Top Tips for Auction Day!
As the property auction calendar hots up, here are my Top 10 Tips for what you need to do on Auction Day:
1. Bring two forms of identification (passport or driving license with photo and a recent utility bill), your cheque book or debit card and all your banking details, as well as your solicitor’s full contact details.
2. If you are planning to bid on the day, you will need to register at the reception where you will then be given a bidding paddle with your unique bidding number.
3. Arrive early. There is so much more happening than the auction itself. Specialists are usually on hand to advise you on buy-to-let and auction funding, legals, planning, surveying, lettings, property management….and much more. Plus this is you last chance to check over the legal packs for any properties of interest (although this should be done earlier than Auction Day!).
4. On arrival, get a copy of the Amendment Sheet. This is distributed around the auction room and contains late information or alterations. Don’t assume that all the properties included in the catalogue will be offered on the day – some may be withdrawn or sold prior to the auction.
5. Take a few minutes to familiarise yourself with the empty auction room before the auction starts so you are comfortable and confident in the surroundings.
6. Take a seat or stand somewhere in the room where the auctioneer will able to see you bidding clearly.
7. When bidding, make sure you gesture clearly at the auctioneer. Either raise your hand or nod/shake your head clearly. The auctioneer will warn the room when he is about to conclude a sale.
8. If a property fails to reach its reserve price, don’t lose heart. The vendor may decide to accept your bid later at the end of the auction or in the days following. Make sure you leave your full details with me or another member of staff so that we can contact you if necessarily afterwards.
9. If you make a successful purchase, check whether you are required to insure the property from exchange. Usually, this is the responsibility of the seller (until completion), however sometimes this is passed on to the buyer.
10. Enjoy the day… and good luck!
Andy Thompson
Property Auction Consultant
@AndyT___ / 07530 704 234
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