Property for Auction in Peckham Southwark 🏡

The first step is inspecting properties of interest before the auction date. Open house viewings allow potential bidders to assess condition and envisage renovation plans. Note any urgent repair needs that may impact your maximum bid. ​ Prior to auction day, bidders must pay a reservation fee, usually 1-2% of the guide price, and provide ID verification and proof of funds. Only then can you register to bid and receive a numbered paddle. Funding should be in place, as buyers are legally bound once the hammer falls, whether bidding in person or online. On auction day, properties are sold one by one with background information and vendor reserves provided. Bidding usually starts below the guide price, increasing incrementally until no further bids are made. The buyer's premium is added to the hammer price to determine the final selling figure. For successful bidders, payment is due within days, with completion schedules negotiable. Have a property survey conducted to identify any additional repair works before exchange of contracts. Appoint a solicitor to handle legal procedures like drafting contracts and transferring property deeds upon payment settlement. With patience and diligence, auction properties offer motivated buyers the chance to acquire real estate at discounted prices. Just remember to obtain building surveys and factor renovation costs into purchase budgets. Let me know if you need any other auction process guidance in your home search.