How To Buy A House At Auction Uk. First you should familiarise yourself with the auction process and we suggest that you attend an auction to see how it works. If your offer is accepted then be fast 1.5.
Contact the auction house and submit your offer 1.3. You'll usually have to pay 10% straight away and the remaining 90% soon after. Speed and certainty are two key reasons why people choose to buy or sell at auction.
Get Your Finances In Order.
Property auctions hold advantages, such as reducing the lengthy purchasing procedures that you can expect when buying through an estate agent. You will need to have your mortgage in place and your. Pros and cons of buying a house before auction 2.1.
In 2020, Nearly 40% More Property By Value Was Sold At Auction, Compared To 2019.
How much does it cost to sell a house at auction? Firstly, the property will need to be mortgageable without retentions, so you will usually be choosing a good condition property. In general you need to ensure that you have the following in place before the day of the auction:
If A Property Is Unsold, You May Be Able To Buy It Privately.
The auction purchase process is much quicker than a traditional private treaty sale and it’s much more secure. Buying a property at auction means avoiding the usual lengthy buying process. Work out how much you can afford to pay for.
If Your Bid Is Successful, You Only Have 28 Days To Get Your Mortgage Arranged.
Be sure to view all the properties you intend to bid on before auction day. As soon as the hammer goes down, the sale is final and you need to be prepared to move quickly. Arrange a viewing of the property.
Contact The Auction House And Submit Your Offer 1.3.
Keep in mind that you will be under obligation to complete the purchase within a set number of days after the auction (typically 30 days). If you’re the highest bidder when the gavel comes down, a contract is created between you and the seller and you won’t be able to back out. There are no restrictions preventing first time buyers, private individuals or companies from buying at auction.