Buying property at auction

[Adminlady]

Just any advice for buying a property at auction please? (First time buyer)

Most properties sold at auction are not mortgagable so you usually need the full asking price in cash.

If you have an AIP and the house is mortgagable you can offer but you usually have to pay the full balance to the seller within a month of the auction and this often isn't enough time for the mortgage company to do their valuations etc.

You can't get any surveys etc done as there isn't time so you will be buying as seen.

I wouldn't advise it for a first time buyer unless you worked in the building trade or have previous experience in renovating houses.