Once you've decided on the area you want to buy in, contact some local auction houses who can send you a catalogue.
There's normally only a few weeks between the catalogue being produced and the auction being held, so you might want to visit properties you're interested in within this time.
It's also a good idea to get an Agreement in Principle before the auction to prepare for the quick turnaround time. But you'll also need to know the maximum that you could bid to ensure the process goes smoothly.
Buying at auction tends to be quicker than the traditional home buying process
It could also reduce the number of costs involved such as estate agents fees
It can be a good way to find a special property as it's a great way to pick up a house whose potential may have been overlooked.
As soon as the hammer goes down, the sale is final and you need to be prepared to move quickly
You'll usually have to pay 10% straight away and the remaining 90% soon after
It's a good idea to spend time and money checking out the property before the auction, but this does carry the risk of wasting both if your bid isn't successful.
While buying at auction means no estate agents' fees, there are other costs you'll have to budget for such as Stamp Duty, legal fees and removals.
You can read our handy guide to make sure you've considered all the different costs.
Get an idea of how much we might be able to lend you, see our rates, monthly payments and any other fees that may be charged.
