Buying at auction

charlies_mum

I am considering purchasing a property at auction- no to live in, but as an investment property. I am no stranger to auctions, but not property ones, and wonder if anyone else does this ?

My main questions is, if I view a property and it looks OK, I know I hav to pay 10% onthe night and the balance within 28 days - however, if I have a survey done and it reveals a big problem, do I still have to go through with the purchase ?

Any advice would be greatly appreciated.

lush_walrus

Yes you do or loose your deposit, all of the auctions I know work on a buy it as you see it basis. The majority of houses in auctions are in need of huge repair, unless you are lucky and hit on the repossessed, or the police houses so if you arent able to assess the repair costs yourslef, then definately take someone who can with you.

theGrinch

you should have the survey done prior to bidding or at least take a competent builder along with you.

Somerset

Agree with both above.

You commit to buy when you bid. It's your responsibility to know what you're buying. There's usually ample time to visit a property and get a survey done if you're interested.

Obviously if you don't win the auction, the survey cost is dead money. But if you bid and win and nasties turn up, you're expected to complete anyway.

Natelle_2

charlies_mum wrote:

I am considering purchasing a property at auction- no to live in, but as an investment property. I am no stranger to auctions, but not property ones, and wonder if anyone else does this ?

My main questions is, if I view a property and it looks OK, I know I hav to pay 10% onthe night and the balance within 28 days - however, if I have a survey done and it reveals a big problem, do I still have to go through with the purchase ?

Any advice would be greatly appreciated.

You might like to look at this webpage as I think it will be of help and advice to you. Look at the subsection 'buying' as there are a couple of FAQ links.