Key differences of buying at auction
People buy at auction for lots of reasons, they might want to move quickly or they could be looking for a repossessed property, a plot of land to build on or quite simply they want a quick purchase without the risk of gazumping.
The key difference of buying at auctions is that when you make your offer, it is a live bid in the auction, and if yours is the winning bid contracts are exchanged upon the fall of the auctioneer's gavel. You are legally bound to buy from that point. You will pay your deposit immediately and complete within the timescale defined in the legal documentation for the lot. This will normally be 28 days, but can be sooner or later so be sure to check before bidding.
At completion you will pay the balance of the purchase costs, so you need to complete all of your checks and enquiries before bidding. If you do require mortgage or other finance to buy, be sure all your funding is in place.
Whilst you are bound to complete upon the winning bid, you have the comfort that the seller is similarly bound, so there is much greater certainty when compared to an offer through a traditional estate agent.
We offer a huge choice of property types and styles across the UK, so for the investor this can take out a lot of the leg work. We hold 10 auctions a year and with an average of over 200 lots in each there is plenty to chose from!