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Buying at auction

(10 Posts)
Flopsygrowsup Fri 28-Feb-14 19:43:08

We have seen a house we love which is up for auction. Has anyone got experience of doing this if so any tips.

Ilovemydogandmydoglovesme Fri 28-Feb-14 19:47:51

Always read the legal pack!

Do you watch Homes Under The Hammer at all? It's daytime tv porn! grin

Flopsygrowsup Fri 28-Feb-14 19:51:21

Will do

Sadly not as work FT but was off sick last week and love it.

blackice Fri 28-Feb-14 23:07:22

I have bought a property at auction. I watched several videos on YouTube which explained how they work, what the potential pitfalls are and what points you need to bear in mind. I learned a lot this way. For example, I learned that the auctioneer can legally pretend to take fake/non existent bids up to the reserve price. apparently this is known as taking bids "off the wall". I spent a few hoyrs watching the videos and it made me a lot more confident going into the auction. it was still nerve wrecking, though! Good luck!

TypicaLibra Fri 28-Feb-14 23:13:23

I bought at auction. The details of the property I was buying laid out quite a lot of the ins and outs of the auction process, as did the website of the auctioneers who were selling it. Main thing you need to know is that at the fall of the hammer it's all legally binding. You have to pay your deposit there and then.

Definitely read the legal pack before bidding.

One thing I hadn't realised was that in the month between auction and completing, the responsibility to insure the property was mine. Had no idea, but luckily nothing awful happened in that month insurance-wise.

Flopsygrowsup Fri 28-Feb-14 23:36:08

Thanks -did you have to renovate and if so how did you estimate costs

Rangirl Fri 28-Feb-14 23:37:51

Get legal advice BEFORE the auction After is too late

TypicaLibra Mon 03-Mar-14 19:48:46

Sorry, only just come back to the this thread. I didn't really estimate costs regarding renovation because I knew I just couldn't afford to do much of it at once. So I basically renovated the attic into a bedroom and refitted the bathroom just after purchase as that was all i could manage at that time, then a few months later I did the windows, and now I'm saving some more to do ... well maybe central heating or solid fuel range for kitchen, or ... fuck knows there's so much I don't know what to do next!! No regrets though ... it's our forever house and I'd rather do the renovation as I go along as and when I have some funds, than get into debt. So I'd really say go for it if it's what you want to do.

Flopsygrowsup Mon 03-Mar-14 21:25:56

Going to view tomorrow apparently loads of interest from developers

Flopsygrowsup Tue 04-Mar-14 22:59:41

I loooooovvvvveeedddd it but think it will go for more than we can afford.

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