{"id":178,"date":"2021-10-25T11:00:00","date_gmt":"2021-10-25T10:00:00","guid":{"rendered":"https:\/\/www.affalo.co.uk\/blog-api\/?p=178"},"modified":"2022-09-08T14:19:07","modified_gmt":"2022-09-08T14:19:07","slug":"should-i-buy-a-house-at-auction","status":"publish","type":"post","link":"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/should-i-buy-a-house-at-auction\/","title":{"rendered":"Should I buy a house at auction?"},"content":{"rendered":"\n<p>Buying a house at auction can be an alternative to buying a home on the market. It is quickly becoming a popular way for first-time buyers to get on the property ladder. However, it has its drawbacks. Here\u2019s what you need to know if you\u2019re a first-time buyer considering going to auction.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">What&#039;s Included?<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/should-i-buy-a-house-at-auction\/#Buying_a_house_at_auction_an_overview\" >Buying a house at auction: an overview<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/should-i-buy-a-house-at-auction\/#How_do_I_buy_a_home_at_auction\" >How do I buy a home at auction?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/should-i-buy-a-house-at-auction\/#Can_I_get_a_mortgage_for_an_auctioned_property\" >Can I get a mortgage for an auctioned property?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/should-i-buy-a-house-at-auction\/#Do_I_still_need_a_conveyancer\" >Do I still need a conveyancer?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/should-i-buy-a-house-at-auction\/#Watch_out_for_reserve_pricing\" >Watch out for reserve pricing<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/should-i-buy-a-house-at-auction\/#How_much_cheaper_can_buying_at_auction_be\" >How much cheaper can buying at auction be?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/should-i-buy-a-house-at-auction\/#Conclusion\" >Conclusion<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/should-i-buy-a-house-at-auction\/#Credit-Score_offers_two_fabulous_solutions\" >Credit-Score offers two fabulous solutions.<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Buying_a_house_at_auction_an_overview\"><\/span>Buying a house at auction: an overview<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are many reasons a house could be auctioned off. Sometimes, a house is auctioned <a href=\"https:\/\/www.check.co.uk\/blog\/everything-you-ever-wanted-to-know-about-mortgages-but-were-afraid-to-ask\/\" target=\"_blank\" rel=\"noreferrer noopener\">when a borrower fails to make repayments on a mortgage<\/a>. The lender confiscates the property from the borrower and evicts them, then sells off the house to try and recoup their losses. This is known as a \u201c<em>repossession auction\u201d<\/em>.<\/p>\n\n\n\n<p>Other times, it\u2019s because the house is in a state of disrepair and isn\u2019t fit to go to market. In this case, the house will usually require extensive renovations. These houses can be made habitable with some work. However, you need to know whether you\u2019ll have the resources, time and energy to go through with it.<\/p>\n\n\n\n<p>Sometimes, the Crown inherits estates from deceased persons who have left no will, and have no apparent heirs. Occasionally, the Crown will auction these estates off. Prince Charles is said to have donated \u00a31m to charity from selling off Crown inheritances. However, this can be risky, since, if the estate is later claimed, the rightful owner must be compensated. The Crown generally refuses to take responsibility for paying the claim. This means that you might end up having to pay.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_do_I_buy_a_home_at_auction\"><\/span>How do I buy a home at auction?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The first thing is, of course, to find an auction house. These should be regulated by The National Association of Valuers and Auctioneers, or NAVA.<\/p>\n\n\n\n<p>You should then look at what houses are on offer and go for a house-viewing, just as you would when buying from an estate agent. Make sure to ask the same sorts of questions and to check for any signs of disrepair. Make sure to check the local housing market to see what houses tend to go for. Set your budget accordingly \u2013 you don\u2019t want to end up spending more than the house is really worth.<\/p>\n\n\n\n<p>Once you go to the auction, you will make an offer by showing a card with a number on it. Whoever makes the highest bid wins the auction, and you must pay for the house. As soon as the gavel touches the block, the transfer of ownership is completed, and you cannot back out. This means you need to be sure you can afford to pay what you\u2019ve promised!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Can_I_get_a_mortgage_for_an_auctioned_property\"><\/span>Can I get a mortgage for an auctioned property?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Yes. Once you\u2019ve worked out your budget you\u2019ll know how much you can afford to bid. Therefore, you\u2019ll know how much you can afford to pay at auction. Bear in mind that all the usual rules still apply to auctioned homes \u2013 you need to able to pay for a deposit and stamp duty, as well as any other costs.<\/p>\n\n\n\n<p>You must also be able to transfer that money immediately, which means you need to make it clear to the lender or your broker that you intend to buy at auction so that there are no problems once you\u2019ve won the auction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Do_I_still_need_a_conveyancer\"><\/span>Do I still need a conveyancer?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Yes. Conveyancers can help ensure that the transfer of ownership goes smoothly and iron out any issues before you move in. What\u2019s more, they can help organise house surveys, which are still necessary even when buying at auction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Watch_out_for_reserve_pricing\"><\/span>Watch out for reserve pricing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Sellers often have a house appraised before bringing it to auction. They then set a minimum price with the auctioneer for a small fee. The lot may not be legally displayed as selling lower than this starting price, and will not sell for bids below that minimum price.<\/p>\n\n\n\n<p>This means that you may \u201cwin\u201d an auction, but if your bid doesn\u2019t meet the seller\u2019s price, you still won\u2019t get the house. You need to be prepared for that possibility.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_much_cheaper_can_buying_at_auction_be\"><\/span>How much cheaper can buying at auction be?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It depends on house prices in the area, but, as an example, houses that would normally be valued at \u00a3500,000 have been known to go for as little as \u00a3325,000 at auction. <a href=\"https:\/\/www.moneysavingexpert.com\/team-blog\/2013\/09\/property-auctions-can-you-bag-a-bargain\/\" target=\"_blank\" rel=\"noreferrer noopener\">That\u2019s according to a writer from MoneySavingExpert.com.<\/a> However, you must remember that this is not a guarantee, and in some cases the final bid can be much, much higher than the market price.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Buying a house at auction takes guts. It\u2019s certainly not a method of homebuying for the timid. It can, however, give you a chance to buy a home at a much lower cost than you would otherwise. Nevertheless, it is worth bearing in mind that it is not easy, especially if you\u2019re a first-time buyer, and you will need to think very carefully before you consider buying in this way.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Credit-Score_offers_two_fabulous_solutions\"><\/span>Credit-Score offers two fabulous solutions.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you\u2019re preparing to take a mortgage, never apply until you\u2019ve tried our unique and&nbsp;<a href=\"https:\/\/home.credit-score.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">FREE Credit-Score Home app.<\/a>&nbsp;Our smart technology will tell you what you need to fix so you avoid rejection. The app predicts when you will be able to buy, for how much and tracks your month-by-month progress to mortgage success. We\u2019ve even added your own mortgage broker, so you get the best deals available.<\/p>\n\n\n\n<p>More focused on your credit rating? Well, get started for free with&nbsp;<a href=\"https:\/\/www.check.co.uk\/register\" target=\"_blank\" rel=\"noreferrer noopener\">Credit-Score\u2019s 24- Factor Credit Check<\/a>&nbsp;to truly help you improve your creditworthiness and how lenders view you. (Remember: lenders don\u2019t use your credit score! We\u2019ll show you what lenders look for and how to get your credit report in the best shape possible).<\/p>\n","protected":false},"excerpt":{"rendered":"Buying at auction is not for the timid. For the bold and intrepid, however, it can be very rewarding. Here&#8217;s what you need to know.\n","protected":false},"author":19,"featured_media":5148,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[514],"tags":[683,684,506,507,508,685,509,620,477,558,518,621,523],"class_list":{"0":"post-178","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-first-time-buyer","8":"tag-auction","9":"tag-auctioneering","10":"tag-buying-a-home","11":"tag-buying-a-home-for-the-first-time","12":"tag-buying-a-house","13":"tag-buying-a-house-at-auction","14":"tag-conveyancer","15":"tag-creditscore","16":"tag-first-time-buyer","17":"tag-homebuyer","18":"tag-making-an-offer","19":"tag-mortgage-score-home","20":"tag-mortgages"},"acf":[],"featured_image_src":"https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2021\/10\/pexels-sora-shimazaki-5668473.jpg","author_info":{"display_name":"Robert Edwards","author_link":"https:\/\/www.check.co.uk\/blog\/author\/conor-mullinsaffalo-co-uk\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Should I consider buying my first home at auction? | Credit-Score UK<\/title>\n<meta name=\"description\" content=\"Buying at auction is not for the timid. For the bold and intrepid, however, it can be very rewarding. Here&#039;s what you need to know.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/should-i-buy-a-house-at-auction\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Should I consider buying my first home at auction? | Credit-Score UK\" \/>\n<meta property=\"og:description\" content=\"Buying at auction is not for the timid. For the bold and intrepid, however, it can be very rewarding. 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