Getting your ducks in a row before buying at auction
Andy Thompson, Auction Consultant, Edward Mellor.
As I write this blog, the Edward Mellor Auction Catalogue should be going online packed with details of the lots that will be going under the hammer on 8th December.
That leaves exactly three weeks to get your ducks in a row so that come the auction day, your only focus is bidding confidently on your chosen property – and no last-minute panicking.
So what are seasoned auction buyers up to in the run up to the auction? And what should you be doing, with my help, of course, to make sure you’re in the strongest position to buy knowledgeably, confidently and astutely on auction day?
In my role as an Auction Consultant, it’s my job to work with you every step of the way, giving you all the help, guidance and advice to make sure your buying experience is as successful, organised and stress-free as it can be.
Here is a typical timeline from this point in the run up to auction:
WEEK ONE commencing 16th November…
As the catalogue goes live, together, we’ll go through the various lots on offer for sale and draw up a shortlist of suitable properties for you depending on your budget and requirements.
Then, we arrange to view the shortlisted properties. Typically, this can be anything from 5 – 20 depending on how many properties you are looking to buy.
This week is definitely the crucial time to get your finances sorted, with at least an “agreement in principle” in place. I can steer you in the right direction with this too.
WEEK TWO commencing 23rd November….
Time to filter down that shortlist and really focus on the lot(s) you are going after. This is the point also when I’ll be advising you to be getting some second opinions, be it from friends or relatives – ideally, though, a trusted builder or surveyor.
Taking a thorough look (ideally with your solicitor) through the Legal Pack that accompanies each property is crucial too. This contains all the due diligence information, local searches, office copies and special conditions, etc. that need to be considered and understood before any decisions about buying are made.
WEEK THREE commencing 30th November…
So now you’ve highlighted the properties you plan to bid for. Your finance is arranged and the legal packs have been checked. This week is all about dotting the “i”s and crossing the “t”s, if you like.
Working together, we aim to have absolutely everything in place come the day of the auction. So you’ll know exactly:
- What you’re bidding on.
- How much you are bidding up to.
- What financial arrangements are in place to enable you to buy.
- What your total costs for buying are – including legal costs and auction fees, etc.
- What work is required to the property to achieve your “end game” – whether that be with a view to renovating it and selling on again, renting out or moving in yourself.
When all this is in place, you can enjoy the auction day knowing you’ve taken care of everything you need to, and the only thing you have to worry about is beating the competition!
And just as I’ve been with you throughout the whole auction planning process, I will also be there on the day to give you all the moral and practical support you need – I’ll even bid for you if you wish!
Of course, there are no guarantees at auction. You may be out-bid. Lots can be withdrawn at the last minute. But, whatever happens, working together, we know that we cover everything to put you in the strongest possible position to buy successfully.
And if you’re successful on 8th December, you could have the keys before Christmas!
Get in touch with me to have a chat about buying at auction or to arrange a meeting.
In the meantime, before I sign off, I thought you might like an update on Mr & Mrs Yemane who I mentioned in my last blog. You may remember they bought their first ever home together by pre-auction sale in October. Well, by the time you read this, they will already have collected the keys to their new home. And I’d like to send them our very best wishes from everyone here at Edward Mellor Auction.