I've arranged to go and view a number of properties scheduled for auction over the next couple of months. I figured that it would be good experience if nothing else. As I've never done this before I don't want to make a terrible financial mistake, so wondered if anyone on the forums would care to share any help or advice with me either publicly or by pm. You know the type of thing, what I should look out for, what type of expert I should take with me, possible legal issues etc. The layout of all the properties look fine, so I guess structure, condition, refurb and legal issues is what I should be concerned with as the finances are already in place. I'm quite happy to live in it for a while if I do buy at auction. If there are any experts that might be available to come with me to view and give an opinion, happy to pay for your time. Thanks in advance.

1) Go to at least one auction first, to see how the bidding process works

2) You need to ask yourself why it's being sold at auction:
Repossesion
Structural Issue
Legal Issue
Quick Sale
Existing Tenant
Unusual Property

3) Compare guide price to sale price on similiar properties

4) Make sure you have finance in place, if you can't complete on time you will loose the deposit (e.g. 10%).

5) Consider asking a builder for a quote on work required

6) I've seen repossesions sold at auction for more than you could of got them from an estate agent.

7) If all goes wrong, you can cut your losses and add back to the auction at a later date.

8) Visit the property more than once

Cheers

Nigel

Thanks for your time Nigel, really appreciate the advice.

Everything that fabworld said, plus - when you finally get to the auction, don't get auction fever and bid above your top price. Seen it done a lot :)

Also don't be tempted to go for something else sight unseen because you didn't get what you went for. A mate once went to a property auction just to pass the time and he ended up coming away with a row of stone built cottages. It was ok in the end because they were in reasonable order, but it could all have gone badly wrong :D

Don't forget your cheque book, you have to pay the deposit on the day, and don't forget there might be other charges. It all adds up.

Best of luck with it. Love the buzz of auctions.

Well Natjack ...I must congratulate you on a brilliant page of advice for someone to have given somebody....as sometimes on the forum or should i say most times on the forum all you get is the same people recommending themselfs .......it is big business now for these people instead of free advice like you have given ...good on you.

same applies to you fabworld good on you.

Thanks, matey! It's commonsense really, but if you really like the look of a property, it can go to your head, and like fabworld says, sometimes people get carried away and end up paying way over the odds.

I'm not a developer, done a bit of buying and selling over the years but I've been going to auctions since I was a kid, always wanted to be an auctioneer, really.

Having a chartered surveyor as a mate helps with the prospecting for sure ;)