Buying

You should obtain a copy of the auction catalogue.
After looking round the property you may wish to consult a Chartered Surveyor to carry out a Home Buyers Survey. This report will advise you on the condition and value of the property and may also suggest certain enquiries you should make. We can also provide independent estimates of cost for remedial repairs and proposed improvements. Ask for the report at least a week before the sale.
An auction pack of documents is available prior to the sale.
Remember to take into account the cost of advice from the source lending you money to buy the property, as well as fees for obtaining the professional advice, stamp duty if applicable and the cost of work, which may be needed immediately after purchase.
If you are the successful purchaser, you will be required to pay 10% deposit immediately after the sale on the night.

In the auction room

If you have any queries on the day of the sale ask the auctioneer.
Ask for a copy of the addendum for any changes to the original details.
Your surveyor or solicitor can attend the auction and bid on your behalf.
If you do attend the sale, listen carefully to the opening remarks as amendments may be announced which directly affect the property in which you are interested.
Most properties are subject to a reserve price below which the auctioneer cannot sell the property at auction.
If you are the last and highest bidder at the fall of the auctioneer’s hammer you are the successful purchaser and are legally committed to pay the price you bid and complete the purchase.
No one can outbid you after the sale and the vendor is equally legally bound to complete the sale on the day and under the terms stipulated in the contract.
You will usually be required to pay 10% deposit immediately after the sale and sign the contract in the saleroom.
If the property remains unsold after auction, speak to the auctioneer and it may be possible to buy the property by private treaty at a price agreed with the vendor.