I Really Like A Property But It’s Up For Auction

If you have seen a property that you really like, but it is up for auction, you may be wondering if you should buy it or not. After all, it’s not the traditional way to sell a home. You may be wondering what other regulations there are, if you can see the home first or how you can even make an offer.

That’s where our experienced auction conveyancers can help. Thousands of homes are sold each year at auctions. Our auction conveyancing solicitors have helped people, just like you, purchase a property they like at auction. While property auctions were previously aimed at investors looking for properties to purchase, renovate and sell on, more and more people are looking at auctions for properties they want to buy.

A property auction is planned months in advance. These are catalogues that detail forthcoming lots. These tend to be released between 2 and 4 weeks in advance. Within the catalogue you can see each property listed with a guide price. This is what the auction house or seller thinks it is worth. There may also be a reserve price which is the minimum the seller will accept for the property.

If you see a property, you like that is up for auction you will be able to view it prior to the auction. At this time, it is recommended you take a builder or handyman to the property with you. They will be able to look at any work that may be required and quote accordingly. This will help you choose how much you will offer for the property at auction.

When you are happy with the property and want to go ahead with the auction, you need to request a legal pack. This will be provided by the seller’s conveyancing solicitors. It will include documents including local search results, the conditions of sale and a copy of the legal title. When you have this legal pack hire our conveyancing lawyers to look over it for you. They will help to ensure that there are no issues before you put in a bid for the property at auction.

Found a property you really like the look of but you’re not sure how a property auction works? Call our experienced auction conveyancers in Peterborough. We will be only too happy to guide you through the process and ensure you are protected.