How property auctions work: buying property at auction

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12 Jul 2017

How property Auctions work: Romans’ guide to buying at Auction

Author: Simon Clayton

Thanks to programs like ‘Homes Under the Hammer’, we’ve all got an idea of what a property Auction looks like, but, as is the case with most TV versions of reality, these programs gloss over the finer details of the Auction process.

Auction has become a popular method of buying and selling property thanks to the certainty it offers and the quick completion time. Although the process may seem daunting, with the right guidance, buying at Auction is a great way to secure a competitively priced property.

How to buy a property at Auction 

Consider what type of property you are looking for, in which area and how much you are willing to spend. When you’ve finalised your wish list, register for a catalogue from Romans. When the catalogue is released, you can quickly sift through and select properties which fit your criteria. 

Unlike the traditional selling method, you do not need to book viewings. Instead we include a schedule of viewings in the Auction catalogue and you can pick the most convenient time to attend. We would always recommend our buyers view the property before coming to the Auction and bidding. 

If after viewing the property, you feel a survey is necessary, contact the Auctions team and they can arrange an appointment for your surveyor to inspect the property. 

Before attending the Auction, it’s crucial that you read the legal pack for the property you are considering bidding on. Legal packs include everything you need to know about the conveyancing documents including land registry, local searches and special conditions of sale. Romans legal packs are available free of charge on our website.

Before arriving at the Auction and bidding, you must ensure your finances are in order. On the day of the Auction you will need to have a 10% deposit and the remaining balance must be paid in 20 business days. Speak to a mortgage advisor to ensure you have a mortgage in principle. 

If you intend to bid, ensure you bring proof of ID and proof of address as well as debit card or bankers draft to cover the 10% deposit. When the bidding commences, keep calm and ensure your bid can be seen clearly by the Auctioneer either by raising your hand or catalogue in the air – we wouldn’t want you to miss out!

If it’s impossible for you to attend the Auction in person, you can send somebody you trust to bid on your behalf or bid by proxy or telephone. Call the Auctioneer well in advance to arrange bidding by proxy or by telephone and to find out more about the terms and conditions.  

It’s worth staying around until the end of the Auction as if a lot doesn’t sell due to its reserve price not being met, the seller may be willing to sell after the Auction.

If this has sparked your interest, join us at our next Auction on July 26th, our star lots include:

Commercial rental unit & 3 flats, Farnborough – Guide price £180,000

4 bed terraced house, Chertsey – Guide price £350,000

2 bed apartment, Bath Road, Reading – Guide price £150,000 

For more information about our upcoming Auction or the Auction process in general contact us on 01344 988 728 or visit www.romans.co.uk/Auctions

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