What Steps Should be Taken Before Buying a Property at Auction?

What To Do Before You Buy A House At Auction

Amy: So Andy, can you tell me, for anybody new who wants to go to an auction for the very first time, what kind of due diligence would they need to do, before they came?

Andy: Everything should be done beforehand. That's the key. The very last bit of the process is the auction day itself. And, you have to remember if you're successful in the room, you're buying the property, legally binding, warts and all. So it's crucial that you do all your homework before the auction.

1. View The Property

Andy: So, obviously, as you would do with an estate agent, go and view it - and I always say go and view a property a few times.

All auctioneers will allow viewing days. Try and get there, at least twice. And also take an extra pair of eyes as well.

It's like watching a film for the second time. Sometimes you'll spot something the next time that you didn't see the first time. And an extra pair of eyes is always good.

And the legal back is a big part to factor in. That's just as important as the bricks and mortar, in my opinion.

2. Pay Attention To The Legal Pack

Andy: So, just as you might go and view a property and think it needs some new double glazing, there could be something, just as expensive, in the legal pack that you need to consider.

And, like I say, it's about factoring everything into your bid - so your maximum bid.

So, if there are some extra fees in there, for example, you will need to factor that into how much you're going to bid up to.

So, you might have in your head, 'Well I was going to go to £80,000, there's £2,000 worth of fees'. You're now bidding at 78.

It's obviously important to get all of that out and then check it before it's too late and you can't back out.