Property auctions are a good way to buy a home, but they can also have negative aspects. It is important to do your research and know exactly what you’re getting into. You can consult an expert who can check the property and give you an opinion about its condition. In addition, you can ask other people who live in the neighborhood if they can give you information about the home’s history. This way, you can be sure that you’re not buying a wreck.
When you’re bidding, remember to bring the right paperwork. Most properties have a “real estate addendum” – a document that outlines the details of a purchase. It is usually located at the bottom of a property’s detail page. If you’re bidding on a separate entity, you should bring the relevant documents as well.
If you’re successful at the auction, you have around 56 days to complete the transaction. In that time, you should have your mortgage agreement in principle in place. You should also make sure that you get a legal pack from the sellers’ solicitors. These documents include the conditions of sale and the results of a local authority search. Read it carefully and get a copy for your solicitor to review.
If you’re thinking of bidding on a property, make sure that you have a realistic guide price in mind. The guide price is only a guide and does not reflect the actual price of the property. This can be significantly lower or higher depending on how well the property sells. Make sure to understand the process of setting the guide price, as well as the auctioneer’s valuation.
