So if you are considering buying a property at auction it is
worth reiterating some very important points:
- Ask if the auctioneer is a NAVA member. It means that
during the process, you can feel safe in the knowledge that you are
dealing with a qualified professional.
- Always make sure you are aware of all the information
available on the property by reading all written information
available, asking the auctioneer prior to the auction and ensuring
that you arrive at the auction in good time to hear of any last
minute changes announced in the auctioneer's opening
- Equally, read through all the legal documents carefully, as
these may vary from one property to another.
- Bid clearly. Generally the auctioneer will make it quite clear
as to where the current bid is in the room.
- Make sure you are aware of the method of payment and the amount
of the deposit. There is often a minimum figure set. Don't forget
that you are bound to pay this at the moment the gavel comes down
on your bid. Your liability for the property also starts at that
And finally......Buying and selling at auction
is straightforward, but be on your guard. It is essential that both
the buyer and seller to take careful and detailed professional
advice from solicitor and valuers. Go in with your eyes wide open,
armed with the information and advice available, and the whole
process should go smoothly.