EXPRESS BRIDGING LOANS

Before the Auction

We would strongly advise that the inexperienced visit an auction on possibly several occasions before buying. Auction rooms can be intimidating places on the first visit and these early visits can prove valuable when one finally decides to buy!

1 Firstly we would recommend that you decide how much you can realistically spend on a property. You will need at least funds available to pay the deposit, this is usually required on the day of the sale. It is wise to check with the auctioneer which payment options are acceptable.

Any further funds required for the purchase of the property also need to be in place prior to the auction, as legal completion on the property is usually 28 days after the auction date. If you need finance, there are many specialist lenders who will be able to help you.

2 Spend time on our web site studying the properties that are available. Remember that new properties are added daily, so do not rush into buying the first property that you see. Try not to restrict yourself to only very specific properties, because as in buying of all property, compromise is often the name of the game.

3 Once you have identified possible properties, contact the relevant auctioneer directly. Try to get as much information as possible in regards to the property. It is a good idea to ask to be updated with any new information that they may receive. Information received at this time may well result in savings in professional advice in the future.

4 Viewing of the property usually has to be made directly through the auctioneer. In certain cases auctioneers hold "open days" on specific days when you will be able to view the property. Spend as much time as possible in the neighbourhood. A quiet area on Sunday lunchtime may not be as peaceful come Monday morning!

5 If required, and this is strongly recommended to the novice, advice should be sought from property professionals such as surveyors as to the structural state of the property.

6 Instruct a solicitor, preferably one with experience with handling auction property purchases, to inspect local and national searches etc. They will no doubt wish to see a copy of the auction catalogue, available directly from the auctioneer, for the conditions of sale and any onerous conditions.

7 Check the methods of payment that is acceptable by the relevant auctioneer. The majority require a 10% deposit, but this is usually subject to a minimum amount. This must be verified prior to the auction date.

8 As stated earlier, visit an auction before you intend to purchase. If possible, position yourself where to you can "watch the professionals in action." There may well be many people present who will be able to offer help and advice to the newcomer.

9 You would be ill advised indeed to purchase a property at auction when that purchase was dependant on the sale of any existing property.

10 As in any property purchase, it is the purchasers responsibility to insure the property upon completion. At auction the purchaser is usually responsible for the insurance "upon the fall of the hammer." Consequently suitable insurance will need to be arranged before the day of the auction.

11 It is not unusual for properties to be sold prior to the auction date. For many reasons vendors may well accept offers below the price quoted on the property details.

12 The guide prices given with the property details are the prices that the auctioneer expects the property to sell for given the prevailing market conditions. The reserve price, usually the lowest price the vendor will accept, may well be considerably below this - A VERY IMPORTANT POINT!

The day of the auction >>>

Auctioneers >>>

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