How To Prepare For Buying A Property At Auction

What do I need to do before the auction?

The tasks you need to do before buying at auction are numerous. Remember, that on the fall of the gavel, if it's on your bid, you have bought the property. So in line with it before you exchange contracts, in a private treaty market, you must make sure that you're completely happy with all the legals, on the property it's got good title, no restrictive covenants, no bad searches or council restrictions. You've got to make sure the property is in the condition you believe it to be in. This is probably going to involve a survey, either structural and/or valuation. And you need to make sure you've got the funds to buy it, so this will mean sorting out a mortgage, talking to banks, et cetera, et cetera. When the hammer falls, it's your property, there's no turning back.