Seen ‘Help! Bought it at Auction’ or the other TV shows where someone picks up a “bargain” at auction… only to discover it’s not quite the dream home they imagined?
It makes great viewing. It’s a different story when it’s your money on the line.
So, what should you actually know before raising your hand?
Are auction properties really bargains?
Sometimes. Often not.
The guide price is there to attract interest, not reflect true value. If something looks unusually cheap, there’s usually a reason behind it. The question is whether you know what that reason is before you bid.
What can go wrong?
More than most people expect.
We’ve seen examples of:
- Structural issues that aren’t obvious at first glance
- Properties needing partial or full demolition
- Hidden costs that quickly wipe out any saving
- Legal complications buried in the paperwork
It’s very easy to turn a £40,000 “bargain” into a much more expensive project.
Does the legal pack tell me everything I need to know?
No.
The legal pack is useful, but it is not a full picture. It will not tell you whether the structure is sound, whether works have the right approvals, or how much you might need to spend after completion.
Relying on it alone is one of the most common mistakes buyers make.
Should I get advice before the auction?
Yes. Every time.
That might include:
- A solicitor reviewing the legal pack
- A surveyor assessing the condition
- A builder giving an idea of likely costs
It does mean spending money upfront, even if you do not win the property. But it is a small price compared to getting it wrong.
Is it worth spending money if I might not win?
It is a fair question.
But think of it this way. Winning the auction simply means you have paid more than anyone else was prepared to. It does not guarantee you have secured a good deal.
Spending a little upfront can save a lot later.
Can I just get started with the work straight away?
Not always.
Not everything is as simple as it looks. Some walls are load-bearing. Some works require approval. Getting this wrong can be expensive and, in some cases, unsafe.
So how do I avoid making a costly mistake?
Go in with your eyes open.
Understand the risks. Get the right advice. Know what you are buying before you commit to it.
How can CM Property help?
We work with buyers before auction, not after things have gone wrong.
That means:
- Reviewing opportunities with you
- Helping you understand the risks
- Making sure you are bidding on the right property, for the right reasons
If you are thinking about buying at auction, speak to CM Property before you bid. It could save you a lot of time, stress and money.
