Pre auction checklist

Here’s a guide, detailing what you need to do before you attend the property auction. Don’t just look at the properties listed at your local auction house. It pays to shop aroun and some auctions may have better property investment opportunities than others. Buying at auction checklist - This site has free checklists to help you carry out property projects successfully, avoiding mistakes, cowboy builders, dodgy landlords and letting agents and rogue tradesmen.

Bought to you by Kate Faulkner. The final crucial pre - auction tip is to prepare your bidding strategy before auction day. Set a bidding limit so you don’t go overboard and become an emotional bidder.

The history of auctions is littered with people who literally bid their families into financial ruin, because emotion got the better of them. Once you have determined the maximum amount you would pay for the property, speak to the selling agent and ask if the vendor would be willing to accept a pre - auction offer. Not all properties can be purchased before the auction as some sellers require them to be sold publicly in the auction room.

Before making a pre-auction offer , please ensure you have thoroughly inspected the legal pack. Consult with the auctions team to find out whether a prior offer can be considered , and if so put forward your very best bid. I have shown a summary of the article above to give you an insight. Some basic auction information: — The name you register in, is the name that goes on the contract.

You must know the entity you are buying the property in. Is it your name, your partner’s name, is it a trust fund? Auction room checklist. However it is essential that you do your homework before trying to buy a property at auction , and you need to put a number of important things in place before you go.

Leave plenty of time to register pre auction and bag a seat that gives you both good visibility of the room and the auctioneer. Stick to your plan. Have a bidding strategy clear in your mind and set your maximum bid to what you know you can afford. Get a Loan pre -approval through one of our mortgage specialists 2. If you are uncomfortable with bidding, consider hiring a Buyers Advocate to assist you 3. Contact agents in the area and start looking for properties 4. Check out our website for free information about making your first purchase. Now that you have selected a market, research when, where, and how often the auctions are.

I would recommend choosing an area that has more than one auction a year. Waiting an entire year for your next investment opportunity is not optimizing your time or skills. Now, work your personal schedule around these auctions. Please Note: This checklist is a template and should be used as a guide only. To try and help, we have put together a pre -exchange checklist , to help you in these final stages.

What to consider about your solicitor Your solicitor and the seller’s solicitor will coordinate your exchange, so it’s essential to ensure everything is in order here. Have you received a copy of the contract? You can do this by contacting the agent prior to auction or as you arrive at the auction. Has your solicitor requested all contract amendments with the vendors solicitor?

If you prefer, you can authorise someone else to bid at the auction and sign on your behalf. STEP 9: Make the winning bid! Click on the below image to download the checklist and take it to your viewing Buying a used car You’ve found a secondhand car, checked the paperwork, done an RAC history check, been on a test drive and now you’re ready to go ahead and do a deal.