Buying Your Property At Auction

Most property buyers head straight for the Estate Agents window or more often the agents website when looking for a home.

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But if you've got an eye for a bargain and a bit of nerve, you could consider buying your next property at auction - if you're a first time buyer then it's a great way to get on the housing ladder for less.

Auctions can cover a hugely varied lot of properties from rural idylls to 2 up 2 down terraces to a bizare folly on a great estate.

If you are looking for a property of a certain size or a piece of land in a certain area again auctions could be just the thing for you - chunks of gardens, redundant public houses or even public conveniences.

However along with the odd and the unusual are the everyday flats and houses - ones that you may not know about through conventional buying and selling services.

Who Uses Them?

In the past auction houses were visited by the local builders and one or two canny property developers. However in today's tv and property magazine knowing public, auctions have become far more popular. Of course many are just there to enjoy the theatre of it all, but a good few have cottoned on to the fact that it can be a canny way to find a bargain.

There are some important things to bear in mind with auctions.

1. When the 'hammer' falls - Congratulations you've exchanged contracts! No pulling out at the last minute... so you need your funds in place.

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2. Surveys need to be done in advance of an auction, so you risk losing the money if you don't win the bid. Don't be temted to buy without a survey - you won't get a mortgage and you're taking a hell of a risk.

3. Get a solicitor to look over the legal documents in advance.

Being the consumate DIYer is certainly a great thing for saving money... however there are certain professions that you need to take advice from.

Always get a solicitor to look over the legal documents before you start bidding onthe lot... the little money you save in solicitors fees will be nothing to losses you will endure on buying a pig-in-a-poke!

Don't be 'Penny Wise & Pound Foolish'.

4. View the property beforehand - It may sound obvious but I've known people to start bidding on a property who's picture they have only seen in the catalogue.

5. Set your LIMIT! - and stick to it.
Don't get caught up in the excitement of it all.

6. Buy a good book! - if you have decided that buying a house at auction might be something you'd like to try, buy a good book on the subject, Dummies do a great book called 'Buying and Selling a Home' see the book section for more advice.

Keep your eye on local papers and natinal press for adverts and announcements of up and coming auctions.

Websites such as www.auctionpropertyforsale.co.uk and www.allsop.co.uk as well as www.savills.co.uk.

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