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How to Buy a House at an Auction

An auction is a great place to buy houses at a bargain. So here are some tips to buy a house at a bargain at an auction.   1. Look out for bargains by checking local and national newspapers or trade papers.   2. The best bargains are usually found in properties that are auctioned outside their localities.   3. Though you may have the auction catalogue for information about the prices and conditions of sales of a property, it is safer to have it checked by a solicitor before you trust it.   4. Make sure you view the property, preferably with a surveyor or builder, before bidding for it. You not only learn more about the property, but can find out who'll be bidding against you at the auction.   5. The guide price for a house may change depending on the interest by buyers. So keep an eye on it during the auction.   6. Make sure you have cash ready to buy at an auction as you may have to pay 10 percent of its amount on that day. The remaining amount has to be paid within 28 days' time. So if you can't afford or arrange funds, forget the house.   7. Keep concentrated on the auction as a lot lasts only three minutes. Be careful of what you bid because if the hammer falls in your favour, you will have to sign the contract and pay the deposit amount. First timers should attend a few auctions before bidding.   Never get emotionally attached to a property. There's always another property to bid on if you miss the first one.  

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