Buying a property at auction can be an exciting way to invest in a home. However, buyers must do their research before bidding. This is a process known as due diligence. It includes checking the property’s condition, researching the area and organising a house valuation.
If you’re interested in buying a property at auction, you’ll need to register with an auctioneer. The process is simple and involves completing an online form. You’ll also need to prove your residency. The auctioneer will provide you with information about the property. Then, you’ll need to make an offer to the owner.
Auctions usually take between seven and thirty days, so you need to be prepared for a long wait. A winning bidder will have to pay a deposit within two days of the auction and then hand over the remainder of the purchase cost within 28 days.
If you’re not familiar with the process, you can watch a few auctions before making your offer. You can also ask locals for advice. It’s important to arrive early to get a good view of the auctioneer.
Before you bid, you’ll need to review the legal pack for the property. This contains important information about the property, including its title deeds and lease terms. The pack can also include information about local searches and environmental searches.
A legal pack is generally provided by the auction house. However, some auction houses may also charge a fee. You can also find out about the terms of the contract by contacting the seller’s solicitor.