Property auction takes places around the country, but they are advertised only about four weeks before. Advertisement are done in local newspapers, internet, so that sales can take place. The best bargains can often be found when properties are auctioned outside their local area. You can get an auction catalogue for a small fee direct from the auctioneer wherein you will find information regarding sale, guide prices, viewing times and any special conditions of sale. Do appoint a solicitor who will do the entire document work for you. Solicitor will give you all the important information regarding home auction. Visit the property on any of the day that has been listed in the catalogue. Try to take a surveyor or builder with you. Viewing of the house can be done twice a week and are open to everyone.
Do remember that a guide price should be closer to reserve price; any may have no relationship at all to the final sales price. A guide price gives an indication of the price that the property is expected to sell for and what the vendor is hoping to achieve. Guide prices are for information only and shouldn't be relied on as indication of reserve price, or representing professional valuations for any purpose. Do not make an offer price before the sale as it may increase the reserve price. Property auction finance involves arranging auction mortgages within the time constraints laid down by the auction house. Normally you will be required to pay a 10 percent deposit on the day of the auction, and complete the purchase within 28 days. So keep all the finance in place before you bid. For repossessed homes, the amount should be paid within 14 days. Auctions generally take three minutes per lot. Once the hammer has been bit you have to pay 10 percent deposit amount and sign the contract of sale, so better be in your limits and bid on the right lot. If you do not know as how the sale is done, attend a sale or two on trial basis before bidding.
