Buying property at auction is simple, but the process involved is different and much faster to that of a traditional property purchase. That’s why it’s important to ensure you understand the auction process and timescales, particularly if it is your first-time purchasing a property at auction. Our buying tips give you a clear idea of what to do and when.
Decide upon the sort of property you are looking to buy, the area where you want to be and your budget. At Austin Gray Auction House Sussex we offer a very diverse selection of properties across Sussex and surrounding counties.
These range from residential flats and houses through to commercial, mixed-use properties, development opportunities, land, woodland and garages.
You’ll ideally come to auction with a good idea of the type of property you’re looking to purchase, as well as how much you want to spend. Check the upcoming auctions near you to find the auction catalogue for available lots and guide prices, then contact us if you would like to arrange a viewing.
You can sign up to our Auction House Sussex newsletter to receive information on the latest available lots and upcoming auctions straight to your inbox.
You will need 10% of the property purchase price on the day of the auction, as well as the auctioneer’s administration fees and buyer’s premium, if applicable. The remainder of the property price will be due upon completion, which is usually within 28 days in the auction industry.
You will also need to consider additional costs associated with purchasing property, such as stamp duty and legal fees. You can read more about auction financing here.
On the day of the auction, arrive in good time to register for a bidding paddle. Ensure you are satisfied with everything in the legal pack prior to bidding and perhaps set a bidding limit in advance of the auction.
Read our guide on placing a winning bid at auction for more information and advice.