Over a 100 independent organisations in UK are involved with managing residential property auctions. Some estate agents also hold property auctions at fixed times during the year. Some estate agents hold up to 12 auctions per year while some hold only a few.
According to an estate agent, the demand for all types of properties is high at auctions. There is a well-established market for houses and flats at auction that mainly require some form of refurbishment or repairs.
Many established property auctioneers produce and distribute up to date catalogues for their auctions listing details of each and every property available at the auction for purchase.
On an average each property being auctioned is advertised about three weeks before the auction date. Potential buyers are able to inspect the property in this period should they require. This can be easily arranged by contact in the estate agent or auctioneer.
If you are interested in buying a property at an auction you are highly advised to inspect the property before hand during this inspection period.
You should also check the surrounding area and neighbourhood to make sure it appeals to you
If you then decide to bid for the property, you can let the auctioneer know your intentions so the know you are serious about the property. This way they can keep you informed of any latest developments.
This is also a good time to get the property surveyed by a qualified property surveyor and also to contact a solicitor who will check the details of the property. You should also try to arrange any required finance in advance.
The successful buyer will be expected to complete the purchase within a certain period after the auction. This is usually 28 days after the auction. You must also be prepared to insure the property from the moment the gavel sounds.