8 STEPS TO BUYING A HOUSE AT AUCTION

If you're considering buying a house at auction, it's vital that you understand the process

- SARAH WARWICK

Purchasing a property at auction can be an attractive alternative to the conventional house-buying process, especially if you are on the lookout for a new project. But there is plenty you need to know and the steps to ownership are somewhat different.

Unlike buying a house in the usual way, buy at auction and you're committed to the purchase if yours is the winning bid. But while its speed is appealing, becoming a homeowner this way means you need to be completely prepared before the auction and on the day.

Buy a home in the conventional way and it will be some time before you exchange contracts and pay a deposit. Buy at a traditional auction and you'll have to do these things on the day of the sale and then complete 28 days later.

The speed of the auction process avoids the uncertainty of home buying before exchange of contracts, but it means it's essential to be ready to commit to the purchase and have payment ready. As well as getting finances in order, you must understand the legal implications of the purchase, and have assured yourself about the property's structure. Here are eight important points to consider.

1 AUCTION SITES AREN'T THE ONLY PLACE TO FIND PROPERTIES

There are different ways to find houses for sale by auction. The first is via property portals, such as Rightmove or Zoopla, as well as Homebuilding and Renovating's sister site Plotfinder.net, which have auction filters. Search via auction houses in the area where you want to buy, as well as looking on the property portals. Find these via sites such as Essential Information Group or UK Auction List. Check the auctioneer's site for information on registering for bidding and the information that you will need to provide.

2 ORGANISE FINANCE AHEAD OF TIME