Top Tips For Buying A House At Auction

There are many ways in which you can choose to get on the property ladder but if you want to steer clear of lengthy buying processes and procedures, a house auction might be the best way to go. Auctions are particularly good for those would-be buyers looking out for unusual properties as well.

When you start the process of buying a house, all too often it can fall apart for a huge number of reasons – which can be incredibly frustrating, as you start to plan your new life and then it all comes crashing down around you. When buying at auction, the house sale is guaranteed as soon as the gavel falls, so there’s absolutely no chance of you missing out on your dream house.

Of course, you could find yourself caught up in a bidding war with another eager house buyer, which could well push the price of your home up – so set yourself a top price and do not go over it, however tempting it might be.

You’ll also have to factor in costs like administration fees to the auction house in question, paying your solicitor or conveyancer and stamp duty if the house costs more than £125,000.

There’s also an awful lot of work that needs to be done before you buy at auction. Browse the auction catalogue and shortlist the properties you like, then arrange to have viewings of them all. You might need to keep an open mind as auctioned properties are often in a terrible state of neglect – so expect to buy yourself a keeper-upper!

For information on house auctions in Spennymoor, get in touch with us today.