What is above auction price guide?

This is a figure at which the property can be sold and will be set within 10% of the guide price. This figure can be subject to change, but will never be more than 10% above or below the guide price.

What happens if I withdraw my bid at an auction?

Once you have successfully bid at the auction, you are affectively tied in to the purchase of the property and risk losing your 10% deposit if you decide to withdraw. If all goes to plan and you are successful with your bid you will need to give the auction house certain information and documentation.

Can you buy a house at an auction?

Purchasing a property at auction can seem daunting, but by arming yourself with the right tools and advice, it can be a cost effective way of getting your foot on the property ladder or extending your property portfolio.

How to find out if property is up for auction?

Check out properties up for auction on Zoopla, or get your hands on the auction house catalogues. Then earmark the properties you’re interested in and contact the auctioneer to book viewings. As a general rule of thumb, there is about a month between a property going online or a catalogue being distributed and the auction date. 3.

What happens if you are the highest bidder at auction?

Follow your Auction Buying Checklist You need to assume you will be successful, remember if you are the highest bidder at the fall of the hammer the property is yours – you do not get any finance clauses, cooling off period or chances to double check the property’s structure.

What should I do before buying a house at auction?

If you cannot afford the risk of buying a property in poor condition, stick with auctions that allow you to inspect the property before bidding. Review and understand all auction rules and do your due diligence on any property you are interested in—for instance, check for claims, liens, and occupants before you bid.

What happens when you bid on a house at auction?

That’s right, real estate auctions are all about cash. Before she put in her bid, Thomas looked at the exterior and peeked through the windows of the property for sale. The next day—after submitting an offer—she returned for a thorough walk-through. “It was trashed on the inside,” Thomas says.

How does a house end up on the auction block?

These foreclosure auctions are held by bank-hired trustees . Another way a home ends up on the auction block is when the owner does not pay the assessed property taxes. In these cases it is the unpaid tax authority, rather than the bank, that seizes the property.

What are the pros and cons of buying a house at auction?

Pros and Cons of Auctions. The benefits of buying at auction include expanding your options and possibly purchasing at a discount. You may face less competition to buy a property compared with buying the traditional way, but you’ll also be dealing with a different pool of potential buyers—often, experienced investors.