The Myths of Buying Property at Auction
Before every event, we hear a number of myths that potential buyers have heard about the auction process, which in some cases has stopped them bidding in the past!
Here are some of the most common assumptions about buying under the hammer, and an explanation of the truth:
“Only cheap, wrecked houses get sold at Auction”
In each event, we sell a huge variety of residential and commercial properties of all types, price ranges, and conditions.
From terraces across the North West requiring work to family houses which are ready to move into, to shops and industrial units, you’ll find the kind of property you’re looking for in our catalogue.
“You have to be a cash buyer to make a bid”
While cash buyers are more than welcome to our auctions, it’s not the only way to buy!
If you make the winning bid on a lot, you will need to show proof that you have funds in place to buy the property – so if you’re looking to buy with a mortgage or with the help of auction finance, this will need to be arranged before the auction day.
You will, however, need to be able to pay a 10% deposit and a Buyer’s Premium on the day.
The Auction Finance team will be able to provide you with any last-minute assistance, to help you arrange your finances or bid a bit higher than you had planned.
“You Have to Buy the Property ‘Blind'”
Before buying under the hammer, make sure the property suits your requirements.
Every lot in our auction is available to view prior to the day unless otherwise stated in the catalogue. This means that you can inspect inside and out, and get all the information you need before deciding whether to buy. A majority of properties also have virtual viewing.
If you wish to bring in a professional to take a closer look, contact our team to organise for a property survey to be carried out.