Property Auctions

I see the OP has returned to thank GNs - but the original post was about selling at auction, not buying.

You need to be a “knowledgeable” buyer that has done your research before the auction, many buyers are builders some DIY owners. Most properties need refurbishment of some kind, once the hammer falls it’s yours and you have to pay a deposit.

As we see from Homes under the Hammer buyers usually make money BUT it’s a risk and you have to put a lot of time in to do the work or supervise others .

Presumably that’s why most Auction buyers are builders, they can see the problems (and where to look for them) and how much they will cost to rectify

fancythat

Presumably[could be wrong], if yours is the winning bid, you could not then do a survey??

Survey has to be done in advance, due diligence has to be carried out before and you must read the information pack supplied by the Auctioneer.
Whether you have to do all of this with the modern Online Auctions that are being held by an Estate Agent I’m not sure, (they seem to me more like ‘sealed bids’ )

Presumably[could be wrong], if yours is the winning bid, you could not then do a survey??

As others have said, auctions seem to be the preserve of properties needing renovation or perhaps with some "quirk" or those inherited where a very quick sale is desired.

Properties that need minimal, if any, work and with no peculiarities rarely go to auction.

I’m assuming that you mean the ‘Homes under the Hammer’ type of public auction? I’ve been to several but never succeeded in making the winning bid.

Recently I’ve seen ‘online Auctions’ on some, mostly derelict, properties, but I have no experience of these. I think they are a new ‘thing’ that happened after Covid closed the Auction Rooms, I would be interested to see how they work as they don’t seem to have an end/ actual auction date.

Thanks for your replies.

If it’s an inherited property, or well away from where you live and you just want rid quickly, you could ask a property buying company to give you a price - I think it’s about 75/80% of market value, but I believe they pay the legals.

The properties I wanted were rural and needed a lot of work.
They all had some land.

I haven't but I have bid on properties at auction.

I have been outbid by farmers abd builders. 🙁

If it’s an older property in need of modernization then you will probably get a good price and a quick sale. Lots of builders and DIYers are looking for a property to do up and make money.

If it’s a property in very good condition ready to move in many less buyers willing to buy at auction, so might be quick but put a good reserve on it