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How should I prepare for buying a property at auction?
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There are a number of things to consider:
- Do your homework. Contact the estate agent or auction house to arrange to view the property and check it matches the description in the auction catalogue.
- If you plan to bid on the property, get in touch with a property solicitor as soon as possible before the auction date. They can then arrange to get hold of the relevant legal papers from the auctioneer and the seller's solicitor and check that everything is in order. If there are any problems with the documentation, the searches or the contract, your solicitor can discuss these with you before you go to the auction.
- Depending on the condition of the property you may want your surveyor and/or builder to look at it and estimate how much any repairs might cost.
- Arrange your finances – you will need a 10% deposit on the day and the remaining 90% available quickly afterwards as it has to be paid within 28 days.
- Bear in mind you are contractually bound to buy if your offer is accepted.
- Be aware that there may be a reserve price on the property (which you won’t know) and that the auctioneer can take false bids up to the amount of the reserve price to try to stimulate genuine interest.
- Go to the auction with a clear price in mind - and good luck!
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