Buying at Auction

Auction Buying Tips

Understanding the intricacies of the auction process is crucial before making a bid. Familiarize yourself with how auctions work to navigate the proceedings confidently.

Thoroughly research the property you plan to bid on. If feasible, visit the property, review the legal pack, and consider seeking advice from a solicitor who can analyze it on your behalf.

Establish a clear budget for the property and strive to adhere to it. Setting financial boundaries ensures that you don’t exceed your comfortable spending limits during the auction.

Prepare your finances in advance. It’s not uncommon for buyers to realize their financial constraints only after winning a property at auction. Ensure you have 100% of the required finances ready before the auction cycle concludes.

Gain practical experience by attending an auction in advance. If possible, observe a property auction by accessing any online auction provider and navigating to upcoming auctions. This firsthand experience can provide valuable insights into the process and enhance your confidence when participating.

Making an offer for a property at auction is a straightforward process, particularly as our auctions are conducted online. To begin, ensure you register your details before placing a bid.

Offers can be submitted either PRIOR to the commencement of the auction or POST auction if a Lot remains unsold. While not all sellers entertain offers before the auction, in cases where the property remains unsold, we may reach out to any party that expressed pre-auction interest or submitted prior offers.

Regardless of when the offer is made, it should include the following details: ✓ Name of Buyer(s) ✓ Full registered address of buyer(s) ✓ Contact details ✓ Address of the property you are bidding for ✓ Amount of the offer ✓ Solicitor details if available. Our Panel solicitors are available to discuss associated costs.

For those interested in telephone bidding, any buyer can register in advance of an auction event to bid for a lot via telephone. To initiate this process, download a registration form or contact the team at hello@ruttergreen.co.uk.