First, do your Groundwork and research well in advance of the auction – Find answers to all your queries and seek clarification wherever required.
Second, at the auction, stay within your limited budget. You should have already planned and set your maximum limit before attending the auction. It is important that you do not exceed your budget and stick to it.
Tips For Buying Property at Auction:
Try to attend an auction before you start bidding yourself. It helps to know the ropes and will also help prepare you against the kind of auction fever that ends in you bidding far more than you originally intended.
Check with local estate agents to see what similar properties have sold for.
Be prepared to pay for a survey – even though you may not end up winning the auction. It could save you a great deal of pain if you uncover hidden horrors like subsidence, or structural problems. You could also invest around £150 in a formal valuation from a mortgage lender.
Check out planning permission details with the local authority and look at any the legal packs held by the auctioneer. These should contain details of deeds, leaseholds and access. If you get the legal pack in advance and are uncertain about something, ask a solicitor.
Make sure you are able to pay – if you don’t have the finance ready in time, you will lose the deposit.
On the morning of the auction, check that the property is still available. They can be withdrawn or sold privately at the eleventh hour.
Finally, if you are desperate for the rental properties blacktown you can make an offer before the auction. Most vendors and auctioneers will happily accept if it is high enough.