Hello - all and any advice gratefully received!
We're just starting to think about buying a property and are considering looking at auctions. It's all a bit hypothetical at the moment (!) but might not be by next week when we've spoken to the bank and got ourselves sorted 
I've been to auctions, but not property ones. We've just started looking on rightmove etc. and I've spotted something up for auction which looks ideal. Sooo...
Has anyone bought at auction? Any hints or tips?
Money - I know you have to have 10% of the purchase price ready plus auction admin fee- is that it? What happens with deeds and all the conveyancing stuff, does that still have to happen or is it just PING there you go!?
Banks - how do they value if it's an auction property, do they do a valuation and agree to mortgage that particular property in exactly the same way? (guess we will find all that out at the meeting tho).
And all the stuff I won't have thought of! This house looks lovely - it's a mid terrace, quite nicely presented, lovely area, most things have been done (newish kitchen, good bathroom etc) but it's not done up for sale iyswim - it's just a normal quite lovely little house. So WHY is it being auctioned? The only thing I can think of is that the owners need a quick sale. The guide price is about 25-35% below what the one nextdoor sold for in 2006 (and looking at other prices in the village the guide price looks pretty low). But what other dastardly reasons might they have to auction it? The only thing I can think of apart from structural defects (unlikely in terrace?) is neighbour problems and I was wondering if you had to declare them in the same way with an auctioned property.
So- all comments very welcome. Have you bought at auction? Are guide prices absolutely meaningless? Is this a good idea? Help... :)