1. Be familiar with the property Identify property lots which suit your needs and interests, then make the necessary arrangements to survey it. Enquire about outstanding bills (electricity, water, maintenance charges) of the owner. Arrange legal assistance with either the solicitors, state authority or the auctioneers to help you understand the Condition Of Sale.
2. Sort out your finances Work out how much you can afford, your maximum bid and proceed to obtain your deposit. Avoid a cash deposit, but be prepared to top up the balance if the final price defers from the reserve price.
3. After the auction You are usually given 90-120 days after the auction date to complete the purchase, but this differs for each property – remember to check beforehand. If you are applying for a bank loan to settle the outstanding amount, do it on the same day you win an auction.
2. Sort out your finances Work out how much you can afford, your maximum bid and proceed to obtain your deposit. Avoid a cash deposit, but be prepared to top up the balance if the final price defers from the reserve price.
3. After the auction You are usually given 90-120 days after the auction date to complete the purchase, but this differs for each property – remember to check beforehand. If you are applying for a bank loan to settle the outstanding amount, do it on the same day you win an auction.
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