Buying a house at auction is easy when you know what you are doing but can prove costly if you don’t take some simple precautions.
John Davies from Hedge Property Group gives some advice for anyone wanting to invest in property or just needs to grab a bargain
1. Plan your exit strategy – know what you’re going to do with the property
2. Visit the property with the valuer
3. Have the legal pack checked
4. Visit the local letting agent – Do your Due Diligence! (see https://www.justdoproperty.co.uk/due-diligence-in-15-minutes for more help with this)
5. Choose the auctions wisely – sometimes going to the quieter auctions pays off
6. Never, ever bid first
7. Be careful of ‘off the wall bids’
8. Bid when the auctioneer says “going once, going twice” – and watch other bidders, who’ve done their homework
9. When the auctioneer says “it’s in the room” that means its met the reserve price
10. Stick to your ceiling price
11. Make a note of all the lots that don’t get sold – unsold lots means – more motivated sellers!