What to do at auction
If you are just attending to get a feel for how these things work, then sit back and relax - but pay careful attention to the process.
If you are thinking of buying, then try to get there in good time so you are able to focus exclusively on the auction and are familiar with the layout. You will also need identification so that you can show who you are and prove it if you end up buying. Of course as you will need to pay a 10% deposit usually then you need some means of making that payment too - which essentially means a cheque book.
A lot of auction houses will require those who want to bid to register, and this will give you some sort of number or identification tag, be sure to check beforehand if in any doubt as to whether you need to registered to be able to take part in the auction.
Also be sure to get a copy of any latest information sheet - it could be that certain properties have been withdrawn for a range of reasons, so if you are only interested in one property then you will want to find out before the whole process if it is still for sale; late information or amendments can also be made to information in the catalogue so it is important you read this to ensure that no important information relating to the properties you are interested in is contained within it.
Some people prefer to sit near the front so they are visible to the auctioneer, have a good view, and thus ensures that their bids are always seen. Others prefer to stand near the back - this has the advantage of enabling you to see who else is bidding against you and in general how much interest there is in a property and in preceding properties: something that you can't do when at the front.
Therefore try to ensure that from where you are standing or sitting you can see a good percentage of the other faces in the room to get a feel for the mood on the day, but also ensure that you are able to be seen by the auctioneer; if someone really tall stands in front of you, then move position!
Finally, if the property doesn't make it as high as the reserve price then still register that you were interested in it with the auctioneer at the end and give your contact details: depending who the vendor is, if they primarily just want a sale, then it could be that they will take your offer after the sale, particularly if it is not a million miles away from what the reserve price was on that property.
More property related articles:
- Equity Release Schemes
- Commercial mortgage fees and repayments
- First Time Buyers
- Cons of Buying Commercial Property
- Mortgages and Regulation
