HOW TO...
How to…
buy a house
at auction
words Alison Bird
B
uying a house at auction isn’t exactly the same as
buying a pair of trainers on ebay. It sounds good but
bidding for something as significant as your home is
also a bit scary. We ask Jeremy Griffith, property development
manager at Wilsons Auctioneers, the best way to go about it.
1
Get a catalogue list from the auctioneer. Make sure you
read through your buyer’s guide which has all the terms
and conditions of sale. Read those really thoroughly and
earmark the properties you are interested in.
2
Do your research. Look at similar properties on the
market to compare prices. Check the ‘recently-sold’
prices, available now on the internet.
3
Once you have identified the property you like, register
your interest with the auctioneer and go to the viewing to
make sure you like it and, importantly, it is as described
in the catalogue.
4
Have a survey done prior to the auction because your
purchase is legally binding at the fall of the hammer. If
you find any problems following your purchase, you are
still legally contracted.
5
Make sure your finances are in place. A deposit, which is
non-refundable, will be paid on the day of the auction if
6
Visit an auction, watch and learn before you jump in.
Watch how to make your bid clearly. If you can’t attend
your bid is successful. The deposit comes off the baseline
the actual auction you can make your bid by telephone.
price for the property and is usually 10 per cent. Most
auctioneers will take cash, bankers drafts, debit cards
7
Remember, if your property fails to reach its reserve price,
the vendor might decide to accept your bid later at the
or credit cards. The auctioneers will also need your
end of the auction – don’t leave without letting them
solicitor’s details, which should be taken to the auction,
know who you are.
as well as two forms of ID. If you then purchase a property
it is usually 28 days from the auction date to completion. Two of the larger auction houses in Scotland are SVA
The balance of the price will be paid at that point. auctions and Wilsons auctioneers in Ayrshire. Wilsons
holds its auctions every six weeks, while others happen
It’s wise to arrange a mortgage in principle with a bank or
every two to three months.
building society before buying at auction. You could lose
your 10 per cent deposit if you fail to complete within
www.wilsonsauctions.com/Scotland
the time given.
www.sva-auctions.co.uk
i-on_Edinburgh_34_Oct08.indd 84 26/9/08 13:15:49
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116