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Auction House North East - Top Tips for New Buyers at Auctions

Auction House North East, part of Auction House UK, is a specialist company who offer property and land auctions across the North East of England including Sunderland, Newcastle and Cumbria.

Buyers who attend either traditional or online auctions are usually experienced and have attended such events previously. However, if you’re a first time buyer it can be a little daunting. Auction House North East have gathered their top tips for success for first-time buyers interested in Auctions.

Know what you want – research into how auctions work; not everyone is comfortable in an auction environment, and sometimes find the whole process a little overwhelming. Make a list of questions as to what you want to achieve from an auction and why. If you can’t answer these questions simply, then an auction may not be the correct process for home and land hunting. There are many property auctions in the North West which work differently, the team at Auction House will advise you whether a traditional or online auction will work best for you. Keep searching – don’t just search for what you are looking for once a week, ensure that you are always looking. Subscribe to email alerts so you are always alerted when properties which suit your specifications become available. Read local newspapers or check the Auction House site daily. The Auction site has an electronic catalogue, or you can request a printed version. Attend open viewing days on properties you are interested in on the first day of viewing. Visiting on the first day will allow you to revisit the property if you are interested and speak to one of the expert members of team from Auction House. If you’re interested in a property auction in Teesside, visit the Auction House North East site today. Surveys and reports – before deciding to bid on a property, it’s important to know what the ins and outs of the condition of the building before bidding. You can consider having a survey, quote from builders and specialist tradesmen, prior to the auction. There are many house auctions in Newcastle which already come with recent surveys and reports. Organise finance – during an auction process you will need 10% of the purchase on the day, and the remainder will need to be paid, usually within 28 days of the auction. Determine your bid – ensure you are organised with your bid strategy before attending an auction. Set a maximum bid and make sure you stick to it, some buyers who have attended other auctions in the past have got overly excited at the process and have ended up paying more than they first set out. Make sure you include all of the costs including your maximum bid, administration fees, and if successful with the bid, a stamp duty and professional fees.

If you are interested in property auctions in Lake District, Sunderland, Teesside and Newcastle visit www.auctionhouse.uk.net/northeast for more information. The team are experts in the auction industry, so whatever question you may have regarding traditional and online auctions, the team are more than happy to offer their honest advice.

This was posted in Bdaily's Members' News section by Stephanie Hutcheon .