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Be organised if you want to buy at auction

We are well into our advertising campaign for our spring auction on the 22nd March and we are delighted with the interest shown in all our lots, which include a range of property in Norfolk and Suffolk at different levels of the market. 

In my last article I looked at some of the reasons why actions suit certain types of property and of course while there is no easy answer, the certainty of sale, speed of the transaction and competitive bidding has ensured a great deal of interest in the method of sale. 

In the article I look at some of the things that the buyer needs to consider if he or she in keen to purchase at auction. Organisation is vital and preparation is the key. 

Much will depend on whether you are looking to purchase something for the first time of whether you are a seasoned campaigner! It may be that you are forced to consider buying by auction because the property you want is up by that method of sale, but if you are looking generally then research the market thoroughly, contact agents in the area and London agents as well and you will build up a picture of what is on offer. 

When you have found what you want then do carry out a thorough inspection and we always recommend getting a surveyor to inspect the property as well. You will know what you are prepared to pay but you may not have the expertise to deal with condition and it is vital that if you are to buy at auction you go in to any sale with your eyes open. For example, your surveyor might identify a problem with planning or he might uncover a particular defect that could have a detrimental effect on value and what you should be prepared to pay. 

If you are keen to be successful you need to invest time and money at the stage, but this sort of preparation is vital. 

Before you proceed to purchase you should instruct a solicitor and inspect the legal pack which relates to any individual lot. The legal information included the special conditions of sale and all facts that relate to any lot; for example there may be overage or a covenant imposed on the property. 

If you are buying by auction for the first time you need to look through the general remarks and stipulations and common auction conditions in the catalogue to understand the process. On the day you need to be aware that any lot will be sold subject to a reserve price. The reserve price is private and beforehand you need to decide what you are prepared to pay. 10% of the purchase price is payable at the fall of the hammer, with completion as set out in the catalogue, and again you need to be aware when you will need to pay completion monies on any transaction if you are successful. 

Get advice from a friend or professional about how to cope on the day of the sale and be sure that you don't pay more than you can afford!

Auctions are a very good way of unlocking value and at Brown & Co we enjoy helping people, explaining the process and maximising value for our clients. 

As always, we are available to provide advice without obligation and enjoy visiting all sorts of different properties that may or may not be suitable for this approach. 

If you would like more information about how we can help you, please contact me and we can then come and see you. 

Peter Hornor