Our guide to buying a property by auction
Download our guide to buying your property by auction PDF.
When looking to buy a property, more and more buyers are turning to auctions to take advantage of their fast, straightforward and hassle-free process. Perfect for investors and developers looking to secure property quickly, as well as private buyers searching for their dream property, our auctions are accessible to a range of buyers, and our advice and guidance is available to all.
With extensive experience in auctioning a wide range of properties, we’ve built an in-depth understanding of the buying process and can readily share this knowledge with new buyers to help alleviate the stress of their first auction purchase. To further our efforts, we’ve compiled a comprehensive guide to buying a property by auction in the form of a downloadable PDF. Through creating this, we aim to provide prospective buyers with the main points they need to be aware of before purchasing a property this way. From registering your interest to placing bids, we’ll walk you through the steps involved with the process.
Whether you’ve been looking at properties on the open market but haven’t found one that has sparked your interest, or you’re actively looking for an alternative way to purchase a property, download our full guide to buying by auction.
What to expect from our ‘buying at auction’ guide?
As the UK’s leading live-streamed property auctioneer, we know a thing or two about running successful property auctions. Our buying guide shares that knowledge and is designed to give you a helping hand in understanding the steps involved with buying by auction. Our team has also pulled together a summary of the most important points covered in the guide to provide a quick overview of what you can expect to learn.
Can anyone buy a property at auction?
Whether you’re a keen investor looking to diversify your property portfolio, or a homeowner searching for a new place to call your own, our property auctions attract a range of prospective buyers. This means we have experience in dealing with all kinds of buyers and have sold a variety of properties over the years that cater to an equally wide range of needs. From more unique lots to a modern house or apartment fit for living, our properties are advertised across our website, on Rightmove, in press articles and through social media.
In our guide to buying a property by auction, we outline the full buying process, detailing the elements that should be put in place prior to bidding, the bidding process itself, and everything that follows should you be successful in your purchase. This will help familiarise you with exactly what to expect when using this method to buy a property so there’s no hidden surprises along the way.
Do you need to have cash when buying a property by auction?
It’s a common myth that you have to be a cash buyer to purchase a property by auction. This isn’t the case, there are other options such as a mortgage purchase or specialist auction finance to help you finalise the sale. We work with an organisation who are well experienced in short-term finance and can help fund all kinds of properties to give you the peace of mind that you’ll need to successfully secure your property.
Is it easy to buy a property by auction?
Compared to the open market, an auction can provide a quicker and easier solution to finding your ideal property. With properties spanning across the UK, from project homes to habitable dwellings, we have a range of options to meet your preferences. Plus, depending on the type of property sale, you can receive the keys within as little as 30 days after the auction.
Looking for further advice? Contact our team and we can provide you with tailored advice depending on what you’re looking for. However, we’ve provided an overview of the simple and hassle-free steps to buying by auction below:
- Do your research – Buying a property is a big commitment, so we would recommend doing plenty of research beforehand. This includes completing a physical viewing of the property or, in the rare case that this isn’t possible, utilising an online viewing. You may also wish to browse the properties available at our current Timed Auctions or Auction Events to help familiarise you with the different types of properties available to bid on.
- Read the legal pack & consult a solicitor – A legally binding document, the legal pack will need to be read and considered carefully. As a result, we recommend consulting a solicitor to check through this to give you the most appropriate advice. If you’re looking for a solicitor, we work with several trusted firms so can help you find a suitable option.
- Register to bid – Before you can bid, you’ll need to register with us first. This is quick and easy, but the way you register to bid depends on whether the property you’re looking to bid on is available through an Auction Event or Timed Auction. For Auction Events, you can register to bid through the internet, telephone or proxy. While for Timed Auctions, you’ll need to register for your chosen property then follow the prompts.
- Set your budget – We would always advise setting a specific budget when bidding which takes into account all fees and costs you may encounter outside of the price of the property itself. This will require checking whether the property is available as conditional or unconditional, as fees differ from one to the other, while also factoring in the following costs: conveyancing, stamp duty, survey price, as well as the cost of any renovations or building work.
- Get your finance in place – The earlier you can get your auction finance sorted, the faster the contracts can be signed. You can sort auction finance through contacting our finance partner, Together, who can assist you in securing your funding. It’s important to note that, once the hammer falls, you’ll be in a legally binding contract. However, the timeline for securing funding depends on whether the property is being sold as conditional or unconditional, with the former needing to be completed within 60 days, and the latter within 30 days. This means that, if you’re considering a mortgage, properties sold as conditional may be more suitable to allow you more time.
- Bid on your property – Once you have completed your research, budgeting and finance, you will then be able to bid on your chosen property. Remember, no money will be taken from you unless you are the winning bidder, at which point we will take any relevant deposit and fees using the payment details provided when registering.
Buy your property at SDL Property Auctions
At SDL Property Auctions, our friendly and professional team are proud to have built a positive industry reputation. If you’ve read our buying guide but have some further questions about buying a property by auction, don’t hesitate to reach out by calling us on 0800 046 5454. Alternatively, email us at firstname.lastname@example.org or use our live chat to get in touch.
Buying a property by auction… that was easy.