Once the hammer falls, the property is sold. It’s this level of certainty and the speed of the sale that’s made property auctions so popular. However, without research, it can be a double-edged sword. At Talbots Law, our specialist property auction solicitors are experts in auction conveyancing, so you can rely on us to get you clued up before the sale is made.
Purchasing property at auction can be perfect. Not only does it cut down on the potentially long process, it also gives the buyer that instant confirmation that the property is now in their possession. However, when auction frenzy takes over, buyers dive into decisions on impulse without knowing enough about the process or even the property. That’s why we believe a little research goes a long way. Luckily, our team of property auction solicitors are here to ensure your facts are straight before it’s too late.
For further information on buying at auction, get in touch with our property auction solicitors on 0800 118 1500.
Why should I use Talbots property auction solicitors?
Buying property is a serious commitment. Remember, a speedy sale is still a sale and property is still a hugely significant investment. Your choice of solicitor should reflect this. When we work with you, we promise to provide you with expert advice and guidance through the entire process.
When an auction lot takes your interest, get in touch. Our property auction solicitors will thoroughly check the legal pack and catalogue of the property, raising necessary enquiries with the seller and ensuring you fully understand the ins and outs before committing to buy. We pride ourselves on our property knowledge, so please, take advantage and ask as many questions as you like. After all, that’s what we’re here for!
How do I buy property at auction?
Prior to the auction, get your hands on a copy of the auction catalogue to find out what’s on offer. This will allow you to decide beforehand which property you are interested in and consider your maximum price. Turning up on the day with no clue might lead to impulse decisions, so do your homework and keep your hands by your sides.
Once you’ve decided which property is right for you, arrange a viewing with the seller by getting in touch. Actually seeing the property will give you a good idea of how much work needs doing, and whether the location suits your needs. It’s important to note that just because the starting price is low, if the property needs considerable architectural work, it might not be so much of a bargain. Take a look at properties for sale in the local area that aren’t in the auction catalogue so you can compare prices and value. Remember, time is of the essence! There are usually only a few weeks between the release of the catalogue and the auction itself, so don’t waste any time.
As well as a catalogue, there should be a legal pack available upon request for each specific property. This will contain results of property searches and other legal information regarding the property. Our auction conveyancing solicitors will go through the pack with you and explain each section clearly so you can make an informed decision.
On the day of the auction, you should arrive with 10% of the property price as a deposit, and you should deliver the remaining 90% in the following 28 days.
Research done, its time for the auction!
Before you go, take a look at our property auction tips below:
Property auction tips
- Try before you buy.
Before bidding at an auction, go to one as an observer. You can then take tips of seasoned auction buyers and gain a better understanding of the process.
- Grab a good seat!
Turn up early and sit where the auctioneer can see you!
- Don’t bid over budget.
We know it’s hard, but your bargain won’t be a bargain if you get caught up in a bidding war.
- Don’t lose hope!
If the property doesn’t meet its reserve price, speak to the auctioneer afterwards. You might be able to negotiate a price with the seller.
For further information on buying at auction, get in touch with the property auction solicitors at Talbots Law on 0800 118 1500.
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