Before you decide to bid on a property, you should first do your homework about the property. For example, you should find out whether the property is freehold or leasehold. Then, you can determine whether you can make a higher bid for it. You can also look up the developer of the property. If the developer has a bad reputation, you can avoid buying from them. You can also explore the surrounding areas of the property before you bid on it.
After you’ve placed your bid, you’ll have to submit the paperwork to complete the transaction. In some cases, you may be able to put down a 10% deposit and pay the rest within 24 hours. However, if you are unsuccessful in your bid, you’ll have to pay back the rest of the money.
You’ll also want to consider the terms and conditions of the sale. Sometimes, a property can be difficult to sell. This might be due to a problem with the land, building, or legality. There’s a common misconception that all properties sold at auction are ‘problem properties’, but this is not always the case.
Some auction houses will allow you to bid online, but you can also attend the auction in person. In some cases, the auction house will have an online catalogue, and you can use this to compare prices and lots. You’ll want to mark each lot with the necessary information so you can make an informed decision based on the information you have available.
