Property Auction FAQs
Find an auction online or in local papers and look into the houses you like beforehand. Get a solicitor to look over the seller’s pack and view the property with a surveyor to check for hidden problems. Get your mortgage lined up and ready beforehand, then on the day, you’ll need two forms of ID to bid, plus immediate access to 10% of the final property price (by cheque or banker’s draft) if you win.
While auctions work on a “sold as seen/buyer beware” arrangement, you won’t be buying completely blind. You’ll have the seller’s pack (often called a Legal Pack), which will include details of any legal problems which may affect the property, as well as details of existing tenants if you are bidding on a commercial property.