Need to know for auctions
Published 26/10/2012 | 05:00
BUYING a property at auction seems a very simple process but it can prove painful unless a bidder prepares well in advance.
As soon as possible in advance of bidding you should view the actual property and not just the photos, have the property fully surveyed, get your solicitor to check the title to the property and make sure you have the necessary finance arranged.
Make sure your solicitor gets the legal pack, which contains the contract and other documents such as title information, maps and other particulars asap.
Only when you have your finance in place or your mortgage fully approved for that particular property, should you go ahead with bidding.
Seek professional advice from a surveyor, auctioneer or solicitor about the bidding process and if you feel nervous do ask them to accompany you or bid for you.
Check the auctioneer's bidding and buying procedures, including terms for signing the contract, payments methods, the date for closing the sale and transaction taxes.
Set your maximum bid limit because once the hammer falls you must complete the sale.
Arrive early on auction day and ensure you have a good place in the room so that the auctioneer can see your bids.
Do not be pressurised into making bids that you are not comfortable with or cannot afford.
The Society of Chartered Surveyors Ireland publishes a booklet of advice for bidding at auction: www.scsi.ie