Buyers 10 Steps to Auction Success
Buyers 10 Steps to Auction Success
Know what you want
Auctions do not work for everyone, so make sure the process is right for you before you get in too deep. It is imperative that you know what you want and why you want it – if you are not totally sure on this you should not attempt to buy at auction.
Subscribe to newsletters to ensure you keep up to date with all available property lots. Visit our website regularly to ensure you are fully aware of all upcoming auctions. Contact us and discuss your requirements with a member of our team. Register with us in order to hear about properties that are right for you as soon as they become available, this gives you the best chance to view options and plan your next move.
View a Catalogue
View the electronic catalogue on our website. This will contain finalised details of all properties in an upcoming auction – including photos, guide prices and information on each property.
Open Day Viewing
Try to visit the property on its first open day. If possible take someone with you whose opinion you value as this will help you make a better judgement on the property. APS team members will be available at the open day to talk to and answer any questions you have about the property.
Visit the property again – this will allow you to gauge whether the thoughts you had during your initial viewing were accurate.
Surveys and Reports
Properties sold at auction may not always be in the best condition. It is important to consider having a survey, quotes or reports from builders and specialist tradesmen before you decide to bid on the property. Make sure you receive all of these prior to the auction and you will have all the information you require before bidding on a property.
It is important to involve your solicitors in this process at the earliest possible point. They will inspect the legal packs and other information, such as searches and planning permission. Their advice and expertise could prove invaluable before committing to bid.
Remember once the hammer comes down it’s too late to change any terms or your mind.
You will need:
- 10% of the purchase price available on the day of auction (subject to a minimum on low priced properties)
- Buyers fee of 2% minimum £2500
- The remainder of the purchase price and fees in readiness for completion (usually within 28 days of the auction).You can organise this with our partner, through your own Financial Advisor, bank or through use of short–term finance.
Note – it is important to contact your insurers as after exchange you are responsible for the insurance of this property.
Determine Your Bid
Be organised – ensure you determine your budget before the auction and include all costs that will occur after a successful bid, such as any professional fees and stamp duty.
There will be an administration fee paid to the auctioneers for their services.
Set a maximum bid level before the auction and make sure you stick to it to ensure you do not get carried away and exceed your means.
Auction Day Tips
Always check before the auction that the property you are interested in has not been withdrawn prior.
Arrive at the auction in plenty of time- auctions are very busy with limited space and you should make sure you are in clear view of the auctioneer.
Last minute changes to catalogue entries will be handed out at the auction.
If you have any queries prior to the start of the auction, please speak to a member of the APS team.
Ensure you make it clear when you wish to bid on a property by holding up either your hand or a catalogue.
If you wish to bid a different amount than is being offered by the auctioneer you can shout this out.
After the hammer falls
The fall of the hammer signifies the sale which is legally binding sale.
At this point if you have been successful, you must pay a 10% deposit plus buyers fee and sign the relevant paperwork.
Make sure you have two forms of ID with you:
- Either a passport or drivers license
- And a recent utility bill
If the property you are interested in does not reach its reserve and is not sold in the room – speak with a member of the APS Team and inform them you are still interested. It may be possible for a sale to be completed quickly under Auction rules.