Property Auction

[theshrew]

Its been a long time since i bought a house. Im toying with the idea of buying a second.

How do the auctions work reguarding surveys etc ?

Are they already done before the auction so people understand what they are bidding on. Or is it a case of you bid blind and take a chance ?

[TimCrighton]

You are responsible for your own due diligence, including a survey and any searches prior to auction which is why the Auctioneer will be able to provide you with a 'Legal Pack' for the lot.

The fall of the hammer is effectively exchange of contracts and requires you to pay a deposit. Failure to complete would result in legal action from the auctioneers.

[theshrew]

I thought that would be the case, thank you.

[Superbad]

After watching a lot of Homes Under The Hammer, I do wonder how many actually shove surveys done prior to purchase, especially for investment properties.

[paul0843]

Or you could just assume worse case scenario on everything
if then it doesn't need doing,it's a bonus

[dazwalsh]

The searches and surveys for an auction property should be freely available. Also you will have chance to have a look round before auction date.

[dazwalsh]

The searches and surveys for an auction property should be freely available. Also you will have chance to have a look round before auction date.

[Ade07]

Surveys are not available freely for auction properties. You can organise and pay for your own survey if you wish, subject to arranging access prior to the auction date. Legal packs with searches are available.
We rarely have surveys done prior to buying at auction, unless we spot something that requires a second opinion from a specialist surveyor. The cheap, general property surveys are hardly worth getting done as they barely look at the property, merely a valuation survey.

[CIS121]

I've bought a lot of properties at auction and never had a survey done, but never been caught out. Some major items like subsidence or sagging roofs, rot etc are fairly easy to spot. Also chat to teh guy doing the viewing - often they're aware of major issues which may save you wasting money on a survey. I'm bidding on a place next week though which I was told has subsidence (somebody has written this on a wall inside - most likely a potential bidder as it certainly doesn't have subsidence, merely a blown plaster crack internally)