Irene Thomas, operations manager at Auction Finance Limited, which provides finance for properties before, during or after an auction, says that although more property investors are buying at auction, they do not understand what to do when they have made a successful bid:
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Theres been a boom in the number of people buying at auction but many investors are still confused about what they must do when theyve made a successful bid. Its a simple process but there are rules that must be followed to ensure buyers dont end up losing their dream property.
Certain documents need to be taken to an auction and procedures followed on the day, but unfortunately, many people are unprepared.
The six most common mistakes made by bidders are:
Bringing incorrect forms of identity
Forgetting cheque book for deposit
Failing to research the area theyre buying in
Exceeding budget
Not arranging finance before going to auction
Not checking the legal pack provided thoroughly
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