Buying at Auction
If you are looking to buy a property at auction, choosing Countrywide Property Auctions is a great choice for ensuring a quick and pain-free process.
Unless you're a seasoned pro, and have been in the property auction game before, buying a property at auction can seem like an overwhelming process, as well as a huge risk. At Countrywide Property Auctions we understand the reservations that some may have around buying at an auction, and have teams of experienced property auctioneers who are here to help guide you through the process every step of the way.
To help you understand the process of buying at a property auction, we have put together some information that may be useful for you to know when thinking of buying a property.
Obtain a catalogue
Receive the latest copy of our catalogue direct to your home address or e-mail inbox by subscribing to our mailing list. Please contact us for more information.
Arrange a viewing
We ask that all potential buyers carry out their own due diligence checks prior to bidding on a lot at auction. Viewing a property is a good way to satisfy yourself of its condition and to get a feel for the area it is in.
Arrange a survey
Once you have instructed a surveyor, please ask them to contact our auction office directly and we will allow them to gain access to the property. If you are looking for a surveyor or some advice on what type of survey might suit you best you can always speak to our team at: Countrywide Surveying Services 0161 401 2917 or visit countrywide.co.uk/surveying.
Arrange your finance
Buyers will need to pay a 10% deposit upon the fall of the gavel at the auction. The remaining monies must then be paid in full, usually within the next 28 days. If you need to obtain a mortgage it is important that you receive an offer from your lender in principle before the auction day. Most building societies and banks will wish to instruct a surveyor to prepare a valuation report before making you a mortgage offer, so it is advisable to make your mortgage application as soon as possible. Countrywide Property Auctions has teamed up with The Buy To Let Business to give you access to quick finance. For more information please click here.
Read the legal documents
Legal packs containing special conditions of sale, title deeds, leases, office copy entries, searches and replies to pre-contract enquiries will be made available for you to read prior to the auction. Please note that you buy subject to all documentation included in the legal packs regardless of whether you have chosen to read them or not. Copies can be viewed online, posted out to you and will also be available to read at our offices and in the auction room.
Register for the Auction
All bidders must register prior to bidding. This can be done on auction day at the registration desk in the foyer or by completing and returning a copy of the registration form which is available on our website and in hard copies of the catalogue.
Bids can be made before, during and after the auction. If you are unable to bid in person at the auction, telephone and proxy biding facilities are available. The relevant forms can be downloaded from our website and must be completed and submitted prior to the lot of interest being offered. If bidding in person, we ask that you bid clearly and only up to the maximum amount that you can afford. For more information on the bidding process please speak to a member of our friendly team.
Once the gavel is brought down you are legally obliged to pay for the property purchased and refusal to pay can result in legal action. A 10% deposit must be paid immediately by cheque, bankers draft or debit card. Please note that cash will not be accepted. The remaining monies must then be paid within 28 days of the auction.