Buying at a Property Auction in Sunderland
Buying a property through auction in Sunderland is simple and easy to do and can be a faster way of finding your next home or a property that you can refurbish and resell. You can bid online, and you never have to worry about being gazumped. Here is a guide to buying at a property auction in Sunderland to get you started.
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Why should I buy a property at auction?
Buyers look to buy at a property auction in Sunderland for a variety of reasons. Traditionally, it has always been a great place to find slightly more unusual properties that are difficult to sell through commercial channels, however, more sellers are looking to sell their property through auction due it’s convivence, making the more conventional properties easier to find for buyers.
Another appealing aspect is that the purchase process is much shorter, because once the hammer is struck at an auction the property is more or less sold, subject to contracts, so there can be no last-minute pull outs or changes.
How do I buy at a property auction?
If you haven’t bid with an online property auction in Sunderland before, use the steps below to get an idea of what to expect.
Carry out research
Before entering the world of property auctions it makes sense to do some research, so you have a better idea of how it works. You can visit the auction section of our website which answers any queries relating to buying at auction.
Search for properties
You can find for all our auction properties on our website by searching to buy at auction. Our dedicated auction team when get in touch to discuss your feedback and thoughts on any properties you like the look of and to discuss the next steps if you wish to proceed. You can then register an account online that will enable you to access more information, watch lists and bid when the window opens.
Review the buyer’s information pack
You will be able to look at the buyer’s information packs of any properties you want to bid on. These packs include details such as title deeds, local authority and environmental searches, a list of fixtures and fittings and any leasehold information. It is a good idea to ask a solicitor to review these packs to ensure there is nothing you have missed, such as loopholes or covenants that could prove too costly later.
Consider a survey
If you have an eye on a particular property you should consider paying for a homebuyer’s report to ensure there are no mayor structural defects. A structural survey will also provide you with more detail. Although bear in mind that is a cost that isn’t recoverable if you do not buy the property.
Organise your finances
If you are not paying in cash, you will need to have a mortgage. Try to secure a mortgage in principle before you attend the auction so there are no delays if you successfully buy your desired property. 4.5% of the property value will be due once the hammer falls, with the remaining 95.5% due within the arranged timeframe, typically 45 to 50 days.
You should expect to pay more than the price guide, as it is usually set lower than it is expected to sell for. If the guide price goes up before the auction starts, it means there is a lot of interest in the property.
Bidding on a property
It helps to remain cool and collected throughout the bidding window as it is easy to get caught up in the excitement of bidding against other people. Remember your budget and stick to it, so you don’t end up committing to more than you can afford.
Bids can be placed online and over the phone. You’ll see a live countdown that will tell you when the bidding window ends, along with the current highest bid and number of bidders so far.
Buy a Sunderland property at auction with Peter Heron
Peter Heron specialises in online property auctions in Sunderland and the surrounding areas. We know how difficult it can be juggling professional and personal commitments while searching for a property and our online auction takes away the stress and hassle. To find out more about how the service works and for more information about our next auction, visit Peter Heron Auctions to find out more.
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