5 Tips for Buying at an Online Auction

Online housing auctions can seem intimidating at first, this is why at GTH we have come up with 5 tips to help you feel comfortable to bid on properties at auctions. Taking part in online internet auctions and attending local auction houses can have different rules and etiquette, but ultimately the premise of bidding on properties remains the same. Make sure you are prepared for your next online housing auction by checking out our handy tips.
 

1. Do your homework beforehand - Have a look at the online housing auctions listings, speak to the agent in charge, VIEW the property or land, carry out research on the area and property and be sure that the property / land that you are bidding on is the right choice for you.
      
2. Set a limit for yourself - Auction guide prices are just that, a guide. It is very easy to get carried away in the moment when bidding so make sure you set a limit for yourself and stick to it.    
    
3. Inspect the legal documents - As it is an immediate legal exchange of contracts at the fall of the hammer, it is essential that you have read and understood all of the legal documentation. And we strongly advise that your solicitor has a read through them in advance of the auction.     
    
4. Understand the additional costs involved - When buying a house or land at auction it is common to pay in addition to the purchase price. They can be anything from search fees, legal fees, our Buyers administration fee, VAT etc. If you are arranging your finances for your purchase, we advise doing this in advance of the auction.  
    
5. Make sure you have strong WIFI - Online auctions are time sensitive, so if you have your eye on a specific lot, having a weak connection could cause you to lose out. Make sure you are all set up and ready to bid when the time comes. 
    

Online housing auctions have been growing in popularity over the last few years. Yet they are still a very different experience to your standard property or land buying experience. Our 5 Tips For Buying At An Online Auction is designed to help you get prepared for bidding and possibly buying a house, land or other property at an auction. If you are still uncertain about what to do when leading up to an online house, property or land auction, don’t hesitate to seek advice and guidance from your local estate agents and local auction houses. You can also check out our other blog posts and guides to buying, selling and renting homes here.

If you have any questions, or want more advice about online housing auctions, call one of our experts today and find out more about how to buy auction properties or land, stress free. Contact your local Estate Agent office here.