Through our selection process for projects, we often find ourselves faced with properties that are being sold via Auction. ⠀

The definition of an auction is ⠀
‘to compete for an item (Property) through the process of bidding. An assured way of securing a property. The matter is legal bound by the fall of an auctioneers hammer’⠀

Buying at auction can often mean we don’t have a great deal of time to review the legal pack, but it is imperative that we review it and consider all the inevitable challenges that the project will involve. We have a fantastic legal team who also review and highlight any significant title issue or covenants that could potentially stop us doing what we want. ⠀

We also need to make sure we have all our funding to buy in place ready for the auction. ⠀

In the current lockdown, we can’t actually be ‘in the room’ of the auction. So making sure you have a good connection and are logged on to bid online in plenty of time is also important. ⠀

Our number 1 tip, do you numbers and know your maximum figure before you go into bid. And stick to it. It’s easy to get excited during the bidding process but trust your numbers and don’t go over what the numbers say is the maximum you can pay.⠀