My first auction purchase

Over the last few years I have attended a handful of auctions. This auction however was completely online, which was a first for me.

Prior to the auction I viewed the property, which was a nice 200-mile round trip. I don’t mind driving so it’s all good. After viewing the property and being happy with what I saw, I gave the legal pack to a solicitor to examine to make sure there was no major issues with this particular property. This service was £195 inc VAT.

The next step was to organise the finance. I will be using a bridge to purchase with investor funds. The broker requested a £195 packager fee to provide the DIP (decision in principle)

For anyone who doesn’t know this is a confirmation from the bank to agree to lend me the funds requested.

£390 down, but this is invested money not money wasted. If the solicitor picks up a major issue, this will save you lots of wasted time, money and effort.

So far, I had

1.       Viewed the property.

2.       Legal pack checked.

3.       Finance checked.

Now I was happy with the following I could register to bid.

After sitting at my computer for several hours, slightly excited, slightly stressed. There were over 23 people watching this Lot. I had a feeling everyone would start bidding towards the end. I was correct.

I stuck with my price I had in mind and was successful.

I have a six-week completion on this property. (30th March) which I’m excited about. All my other purchases have taken more than four months to go through.