Small composite – Offer between 2 to 5 lots and will attract upto 5 bidders. The likely venue is likely to be somewhere like a pub, restaurant, church or small hotel. Small auctions will generally follow a theme – for example properties involved may have been part of a bigger group (such as a portfolio of properties owned by one company) who believe best returns will be obtained by offering properties for sale individually.

Single lot – usually for a property that is in great demand.

IDENTIFYING AUCTIONS

Auctions aren’t as easy to find as you might expect. Traditionally auctioneers get more than enough interest from in-the-know regulars so they don’t need to spend much money on costly advertising to public. Here’s where list of auction houses that comes with this guide becomes invaluable. There are details on each auction house including which area auction house covers. Go through list and identify ones, which cover areas you are interested in. Then:

Phone auction house and ask them when their next auction is likely to be held. Ask them to put you on a mailing list, which details forthcoming auctions. Some may charge a small fee for this, others offer service for free.

Prepare a list of questions for each auction house you contact. These should include:

Do you have a mailing list?

How long do you keep people on your mailing lists and can you let me know if I am about to be removed?

What type of properties do you auction?

It may also be worth subscribing to certain pedigree property magazines. These include Property Auction News, Under The Hammer and Property Week. Local newsagents usually carry these.

THE INFORMATION AN AUCTIONEER WILL PROVIDE

Obviously they will provide details of properties going under hammer at their auctions. These tend to be more detailed than snippets given by estate agents (there are laws such as Property Misdescriptions Act 1991 which make it illegal for auctioneers to give false information about a property). On whole, for any given lot they will provide:

Location

Construction details

Tenure (e.g. freehold)

Accommodation details (e.g. 3 bedrooms etc)

Notes (e.g. refurbishment required)

Viewing details

Solicitor details

Auctioneers usually publish a catalogue with lot details – this is a book detailing various properties available at auction. These will usually be available a month or less prior to auction date.

IDENTIFYING REPOSSESSIONS

Some banks/building societies can be sheepish about revealing that they are selling repossessed properties so you need to be alert in auction for clues. Auction adverts may reveal that a bank may be seller of a number of properties, or auction catalogue may state a phrase such as ‘on instruction of a liquidator’ or something similar – this should tell you that property being sold is a repossession. If you are unsure, ask auctioneer directly if lot being offered is a repossession.

FINDING PROPERTY AUCTIONS NEAR YOU

There are several thousands of properties available for auction at any given time all over UK. It's important to understand how auctions work before purchasing a property from one. To find out where you can get hold of a list of UK property auction venues and websites of auction properties for sale take a look at my resource box below. I wish you every success in finding your dream bargain home at auction

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