buying at auction- what homework to i need to do beforehand

[beolight]

hi

we are looking to buy a property at auction and was wondering what exactly should we be looking at prior to auction to make sure we dont got stung

i know auctions are mainly used to get best price but they can also be used to sell property that wont otherwise sell by private treaty

what potential legal difficulties should we be looking out for?

we have asked the vendors solicitor to forward sale contract to our solicitor but as always solicitors move at a different pace to the rest of the business world this hasnt been done yet and i am worried that my own solicitor may not have or spend enough time with the contracts when push comes to shove

the house is a partly finished new build in a rural area so i am assuming local needs criteria may be condition of planning yet this hasnt been mentioned by estate agents

any advise/suggestions most appreciated

 

[Pseudonym]

The 2 most important things that a potential buyer, when buying at auction, must do is firstly engage your solicitor (which you have already done) so that they can inspect Title Deeds etc to look out for planning / title issues and advise you if they forsee any difficulty with same.

Secondly you will have to talk to your Bank to get Approval in Principle to see if you will be in a position to fund the purchase.

Remember that when you go to auction that you will usually be asked to sign contracts and pay a 10% non-refundable deposit and you will be given a time frame to close.

Good Luck,
P.

 

[DeBarr]

Also you should get a structural survey done beforehand as you will need to sign contracts immediately if you are successful at the auction.