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House Auctions
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jojothe4th
Posts: 1 Newbie
Can anyone explain exactly how a house auction works on the day? I'm going to one next weekend for the first time & want all the ammo I can get! Is it literally turning up & raising your hand to bid much like at an antique auction? Sorry if this sounds daft but as I said I'm an auction virgin!
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Read the FAQs & T&Cs on the auctioneers website? If it's next weekend, you better get moving with the legal pack, site visit, due diligence etc!jojothe4th said:Can anyone explain exactly how a house auction works on the day? I'm going to one next weekend for the first time & want all the ammo I can get! Is it literally turning up & raising your hand to bid much like at an antique auction? Sorry if this sounds daft but as I said I'm an auction virgin!
https://www.savills.com/blog/article/183895/property-auctions/how-to-buy-a-property-at-auction.aspx
Signature on holiday for two weeks0 -
Watch a few Homes Under The Hammer episodes asap https://www.bbc.co.uk/iplayer/episodes/b006v5kb/homes-under-the-hammer
NEVER go to your first one as anything other than a pure observer of the process.1 -
Don't go and bid till you have* checked property condition - either yourself or via a survey* got your finance confirmed - either cash in bank or firm mortgage offer* checked the legal pack - yourself if you know how, or via your conveyancer* understood why the property is being sold at auction* attended at least one previous auction just as an observer* read and fully understood all the auction T&CsIn most cases you need to register before you can bid, but read the T&Cs.Oh and it should not need saying, but have a firm idea what the property is worth, what you are willing to pay, what you can afford - and then do not get carried away by bidding and pay more than you planned!Also google 'house auctions' - there are many sites that explain how they work.Make sure this is a genuine traditional auction. The recent so-called 'modern method auctions' offered by some estate agents are to be avoided.1
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