First auction.

orchidsrpretty

Going to my first house auction tomorrow to bid on a house. Just wondering if anyone can give tips on do's and don'ts etc. Will be going by myself so a bit nervous. I want the house but have a limit on what I want to pay.

lolosaur

let us know how you get on.

Also, be prepared to be disappointed. you could be blown out of the water on an initial bid from someone.

everyone wants a bargain, its rare you will actually get one these days.

Santa Cruz

orchidsrpretty wrote: »

Going to my first house auction tomorrow to bid on a house. Just wondering if anyone can give tips on do's and don'ts etc. Will be going by myself so a bit nervous. I want the house but have a limit on what I want to pay.

Stick to your limit and be prepared to walk. If it goes to a slightly higher bidder leave your name with the auctioneer in case the deal falls through

Mike Tobacco

Be aware that contracts are already in place at auction. If you win the bidding you enter the contract, so if I were in your shoes I would have my solicitor inspect them prior to bidding.

orchidsrpretty

Ok thanks for advice. I have a feeling it will go for a lot more than I am willing to pay. Anything over it wouldn't be worth it. Was more looking for tips on how to bid. Should I bid straight away or leave it until it get closer to my price?

kitchenkid

Have you checked or had a competent person check the legal pack? Do you know if the property is freehold or leasehold, subject to rights of way or any other burdens on the title? ......Have you ever attended and bid at an auction for anything? Once your bid is accepted you are legally obliged to pay - have you financing ready to issue a cheque?

orchidsrpretty

Yes to all of the above( except the showing up and bidding!)

Victor

Have you had the property inspected by a surveyor or engineer?

If you want, consider having your solicitor doing the bidding.

Generally, be very slow to bid. Many others will be like this and you may find that the opening bids are low and slow, then there is a mad rush and then a drawn out final few bids.

orchidsrpretty

Auction was fine in the end. Got outbid on house though so a little disappointing. Bidding started at 50k less than than the amv but slowly went up. Took about 30mins, and eventually went for 60k over the amv, which to me
was about 10k too much.

Mike Tobacco

orchidsrpretty wrote: »

Auction was fine in the end. Got outbid on house though so a little disappointing. Bidding started at 50k less than than the amv but slowly went up. Took about 30mins, and eventually went for 60k over the amv, which to me
was about 10k too much.

Unlucky