BFS has worked closely with a number of major UK auction houses for many years. We continuously deliver funds well within the required timescales for auction deadlines. Our clients range from experienced property investors and landlords right down to clients purchasing their very first investment property.
Before buying at auction, we would recommend making a list of the particulars you are looking for
You may want to consider:
- Type of property: Detached, semi-detached, terraced, etc.
- Number of bedrooms
- Price range
- Parking availability
Once you have an idea about the type of property you want to purchase, you can start your search. Sign up for auction house mailing lists to receive the auction catalogue right in your inbox. This gives you plenty of time to complete your enquiries ahead of the auction.
If you find a property that piques your interest, you will want to arrange a viewing of the property. You may also want to arrange a survey to ensure that the property is structurally sound.
Prior to the auction, you will need to ensure you have the funds in place to buy the property. You will typically need to secure the property with a 10% deposit on the same day as the winning bid. We provide pre-agreed decisions in principle before and during auction.
Ensure that you look at all of the legal documents available from the auctioneer and consult a solicitor about the purchase to avoid any unexpected pitfalls.
On the day of the auction, you will want to bring along two forms of identification (for example a passport, drivers license or utility bill), a copy of the auction catalogue, your solicitor's details and the deposit.
It is usually a good idea to arrange for a building insurance policy to begin as soon as the hammer falls.
When the property you are interested in comes up, it is important that you know what the maximum price you can afford to pay is. Potential buyers should raise their hand or bidders card to place a bid.
Once the final and winning bid has been placed, the auctioneer bangs the hammer and close the sale.
Contracts are legally exchanged, and the deposit is handed over.