Buying Property At Auction FAQ

Thinking of buying property at auction?
Read our most frequently asked questions.

Can you buy at auction if you need a mortgage?
You can buy property at auction if you need a mortgage. Please make sure your mortgage is agreed before bidding and paying a deposit, however people use mortgages all the time when buying at auction.  You will need to let us know before bidding so we can let the seller know completion may take a little longer.

Can I view a property before it goes to auction?
In most cases, it is possible to view auction property.  Ultimately, it is down to the seller if they can provide access however in most cases viewings can be arranged.

How much deposit do I need to pay at a property auction if my offer is accepted?
In the event of an offer being accepted, you would pay a 10% deposit subject to a minimum of £3,000.00.  You would also pay a buyer’s fee, this is normally £3,000.00 however please check the advert as this can change depending on the cost of the property.

What do I need to do before bidding on an auction property?  Before submitting your offer, please research the property including the legal pack.  All due diligence should be done prior to offering.

After my offer is accepted how long do I have until the sale completes?
Standard property auction completion times are 28 days.  Please refer to any special conditions of sale for confirmation of this.  Some sellers may want shorter or longer periods.

What happens after I pay my deposit?
Once you have paid your deposit, the completed legal pack is sent to the seller’s solicitor.  Within this pack we include the purchaser information and who your solicitor is.  The two solicitors then get in touch to complete the conveyancing.

Can I buy out with the auction date?
Yes, in most cases the seller would be happy to consider offers at any time.  If you have an offer outside of the auction date, it is classed as a closed auction and will still follow the usual auction terms and conditions.

Learn more about the steps involved in buying property at auction with Green Door, why you should consider buying property at auction or what happens after you place a bid for more support.

We hope these FAQs for buying a property at auction have been useful.  If you have any further questions then please don’t hesitate to get in touch either through our online contact us form or by calling 0131-322-8550.