There are many advantages to buying property at auction, so if you haven’t considered it before, hopefully, the guide below will help.
From the moment the property you’re interested in comes on the market, the timescale to when it might belong to you is clear. There is an advertised date of sale, and as such you can gear yourself and your advisors accordingly.
On the day of sale, if you are the successful bidder when the hammer falls, you will exchange contracts and the property will be yours without the risk of re-negotiation and gazumping – you will exchange contracts on the day, and take possession of your new property usually within 28 days.
Even with the scale of the marketing that is undertaken, auction sales can still offer the chance of a bargain. Given the opportunity to acquire a building plot or property requiring improvement, there is considerable potential for you to add significant value to your purchase and generate re-sale profit.
You may also find that you buy a property for less than you were willing to bid up to. Remember, you only have to be one bid ahead of your competitor to get the reserve price and be successful in your purchase.
All the Searches and Legal Packs will have been available for inspection 7-10 days before the auction – everything will be clear and in the open, allowing you to be fully informed before making your bid on auction day.
Everyone has a fair chance at auction and the process is open to public scrutiny. The majority of properties entered into auction are sold under the hammer, but this should not put you off putting in a bid pre-sale if you are determined to buy a particular lot.
All Durrants auctions are held in accordance with our own Terms and Conditions and RICS Common Auction Conditions. There may occasionally also be Special Conditions of Sale as produced by the solicitors of each individual lot.
We have also produced an Online Auction Buyer’s Guide to assist you when bidding for an auction property remotely.
There are many advantages to buying property at auction, so if you haven’t considered it before, hopefully, the guide below will help.
From the moment the property you’re interested in comes on the market, the timescale to when it might belong to you is clear. There is an advertised date of sale, and as such you can gear yourself and your advisors accordingly.
On the day of sale, if you are the successful bidder when the hammer falls, you will exchange contracts and the property will be yours without the risk of re-negotiation and gazumping – you will exchange contracts on the day, and take possession of your new property usually within 28 days.
Even with the scale of the marketing that is undertaken, auction sales can still offer the chance of a bargain. Given the opportunity to acquire a building plot or property requiring improvement, there is considerable potential for you to add significant value to your purchase and generate re-sale profit.
You may also find that you buy a property for less than you were willing to bid up to. Remember, you only have to be one bid ahead of your competitor to get the reserve price and be successful in your purchase.
All the Searches and Legal Packs will have been available for inspection 7-10 days before the auction – everything will be clear and in the open, allowing you to be fully informed before making your bid on auction day.
Everyone has a fair chance at auction and the process is open to public scrutiny. The majority of properties entered into auction are sold under the hammer, but this should not put you off putting in a bid pre-sale if you are determined to buy a particular lot.
All Durrants auctions are held in accordance with our own Terms and Conditions and RICS Common Auction Conditions. There may occasionally also be Special Conditions of Sale as produced by the solicitors of each individual lot.
We have also produced an Online Auction Buyer’s Guide to assist you when bidding for an auction property remotely.
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