what costs are involved with buying house at auction...

slickric1234

im considering bidding on a house at an auction in about 1 months time

if bought it would be a cash purchase from money i have from selling another property and savings, no mortgage required

theres the auctioneers fee which i know

and obviously things like insurance after house is bought


would it be foolish to not use a solicitor, cash purchase should make paperwork relatively easy

the house needs quite a bit of work done to it and iam visiting it with a builder i trust a lot, so will happily go on his opinion over getting a structural survey

iv not bought at auction before is there anything else i need to watch out for

PasturesNew

You do need a solicitor - and one that's used to conveyancing auction properties. You'll need them to check the legal pack before the auction and to understand/promise to complete within the given deadline date (14-28 days is normal).

Survey would be a good idea..... it might be an uninsurable, post-subsidence, bodge job that has wet rot, dry rot and termites.

Check how the auction house want you to register before you can bid - and make sure you've 10% available to put down immediately.

G_M

Once the hammer falls you are committed. Too late then to discover
a) a structural problem or
b) a legalproblem

So you need to either be very savvy yourself in these areas (or very stupid) OR

* pay a solicitor before the auction and
* pay a surveyor before the auction

Of course, if you get outbid at auction, that is money down the drain.

That's auctions for you.