Ever watched the BBC’s fabulous ‘Home under the hammer’ and thought, I could do that? Like the millions of others that watch the show and never pick up their own bidding paddle it’s probably because you just aren’t sure what is involved when buying a property at auction. So we spoke to two first time bidders to find out what it was really like for them.
Click Here to find our step by step guide to buying, our guide outlines everything you need to know about buying a property at auction.
Hint: It isn’t as daunting as it first seems, and you can’t buy one by accident.
James and Danielle were looking for an investment property, they weren’t sure whether they wanted to take the plunge and becomes landlords or if they were just looking for a property to improve and sell. Danielle and her partner James contacted us in the weeks leading up to our May auction after seeing a property she was interested in advertised on Facebook, “I’d never considered buying a property at auction before but when a friend of mine shared a Facebook post advertising the perfect 2-bedroom terrace in our area I decided to find out more about it. James called Auction House North West and explained that we wanted to view the property, but also that we’d never bought a property at auction before and we didn’t really know what we were doing.”
“The people that we spoke to were so helpful, they explained exactly how the property auction worked. We were particularly impressed that the property would complete 21 days after the auction as we were keen to get started as soon as possible.”
Danielle and James attended a block viewing of the property conducted by one of our auction advisers. Again, they were encouraged to ask questions and they were advised to check the legal pack for the property and take some legal advice before the auction. James told us that made him feel more confident about the process, “I think before we spoke to Auction House I was worried that we’d be buying a property blind but it wasn’t like that at all. Danielle downloaded the legal pack from the website and we took it to our solicitor. We knew exactly what we were taking on and from the viewing I had an idea how much the renovation work would cost. I did a lot of the work myself which really helped.”
On the day of the auction Danielle and James made a clear plan of what they had to spend on the property. They had arranged specialist auction finance in advance and had funds in their account to pay the deposit on the property that day, if they were successful. Danielle tells us what her experience of the day was like, “I was so nervous going into the auction I just had no idea what to expect. We registered for the paddle and the people at the desk checked to make sure we had everything we needed to buy the property. We were well prepared in advance because I think I must have phoned the Auction House office about 5 times to check I was doing everything right. At first, I insisted that James did the bidding, I was so nervous that I would make a mistake. There were quite a lot of houses, land and some retail buildings for sale before ours so we got to see quite a few sold before it was our turn. By the time it got to our house I was much more relaxed, as I’d seen lots of other people making their bids, so I persuaded James to let me do the bidding. We had a strict limit to go to and even though there a few other bidders there and someone bidding on the phone I got it! I had no idea how exciting it would be.”
Just a few weeks later Danielle and James have the keys to their new property and have started work on the renovations.
We’re really excited to see how they get on.
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