First Time Buying at Auction?

Take a look at our easy guide

We are Here to Help!

Auction is an excellent resource for property buyers looking for immediate purchases at reasonable prices. For many, bidding in the auction for the ﬁrst time can be scary, but it doesn’t have to be. In this handy guide, our auctioneer, Tim Stallard, gives you his best tips for people buying at auction for the ﬁrst time.

Find The Right Property For You

The ﬁrst thing you need to do is ﬁnd the property you are looking for. We list our lots on all the major portals, but our website listings will give you the most comprehensive property overview. Make sure you read the details carefully and note any auction fees that may be payable. You can also sign up for our mailing list to keep you updated and receive our latest digital catalogues.

Research The Property

Get in touch with us when you have found the lot you are interested in. We may be able to give you a bit more background into the property and feel free to ask us any questions you might have. We can also let you know when you can view the property. If you are looking for a property to ﬂip for proﬁt, research how much you can expect to sell the finished project. If you are looking for a buy-to-let property, make sure you find out what sort of rent you can expect. If you are looking for your new home, make sure the property meets all of the criteria necessary.

Download The Legal Pack

Legal packs are made available for every property we sell. The legal pack is uploaded to our website for you to download once released by the solicitor. Make sure you read the legal pack carefully, and if there is anything you are unsure of or any points that cause you concern, it is always a good idea to ask your solicitor to read the pack.

Ensure You Have Access To Funds

Many auction buyers purchase in cash, but buying with a mortgage or bridging loan is perfectly reasonable. If you require any sort of borrowing, it is vital to arrange it before bidding and that your broker or lender is aware that the property purchase is at auction.

Understand The Process

If you have placed the highest bid and it meets the property’s reserve price, then contracts are exchanged from the moment I strike the block with the gavel. You will then be obliged to complete the purchase within 20 working days unless stated in the special conditions of sale. If you are unsure that you can meet the deal’s obligations, then our best advice will always be to refrain from bidding.

Do Your Sums

You have found the property, inspected it in person, reviewed the legal pack, and arranged your funds. The next stage is to ﬁgure out what your highest bid should be. You must ensure that you factor in every cost, from auction fees to paint on the walls. Once you know exactly how much the whole process will cost, you can bid conﬁdently.

Register To Bid

To bid in our auctions, you will need to pre-register and select your chosen method of bidding, and we offer telephone, proxy or online bidding. It is straightforward to register for our Livestream auctions, and we are on hand to help any prospective purchasers. Registration opens one week before the auction; simply let us know that you intend to bid, and we will send you the activation email, follow the simple steps in the email, and you will be ready to go. Please be aware that you will need to upload your photo ID and proof of address and that we will use a reservation system to pre-authorise payment of £7,500 if you are a successful purchaser.

Auction Day

On auction day, a banner will become live on our website, and you can sign in to bid. You can bid via your chosen method. Be conﬁdent and proactive with your bids, so your competition knows you are here to buy the property. Waiting for the last moment to bid only encourages your competitors, as they will think you are nearly at your top price. Many people lose out on their purchase simply because they waited too long to place their bids; remember that when the gavel strikes, contracts are exchanged with the buyer; if you bid too late, you miss out.

Post Auction

Unlike a private treaty sale, you have already done the hard part. We will be in touch to conﬁrm the details, arrange payment of any fees, and ensure your deposit is 10% of the purchase price. You will need to instruct a solicitor if you haven’t already done so; from this point, you will have a few documents to sign and ensure the balance of your purchase transfers to your solicitor in good time. Congratulations on your first auction purchase; we told you there was no need for it to be scary.