Do I Need a Lawyer to Buy at Auction?

There is nothing quite like the buzz of an auction room. There is an excitement unlike anything else. Whether you’re buying or selling the atmosphere is electric. If you’re selling you can watch as the bids increase on your home and you could make much more than you bargained for! For the buyer the thrill when the bidding begins on the property you want is amazing. The chance to get that bargain and bag yourself your dream house for a great price is thrilling.

However as exciting and enjoyable as auctions may be they are also serious business. You may have fun bidding for that perfect property but once your bid has been accepted there is no going back. It’s as good as signing on the dotted line. When the auctioneer brings the hammer down then the buyer is legally obliged to go ahead with the sale. It is these legal issues that prompt some people to question whether or not they should bring a lawyer to an auction with them, however this is not necessary.

Since buying a property at auction has legal implications it could be helpful to visit a lawyer before you attend the auction just so he or she can explain everything about the sale to you and make sure you have no queries or questions regarding the sale or the aftermath of it.

At the Auction

But at the auction itself it is not necessary to bring a lawyer with you, not least because you’d have to pay his or her for the pleasure and you don’t want to waste the money you’ve put aside for the property do you?

It is however wise to have somebody accompany you to the auction as it is quite possible to get carried away, especially if it is your first time. Bring along a friend, partner or family member and make sure you tell them, honestly, what you can afford to spend on the property. Tell them what you’d like to pay ideally and then the absolute maximum you will go to. This person will then be able to remind you of this should you get a little over excited at the prospect of owning the house you wanted and end up upping your offer – which can be very dangerous.

A solicitor will have to be involved when it comes to organising your mortgage however, in the same way as he or she would were you buying a property in the usual manner. Solicitors fees can be pricey so when you are working out your maximum bid remember to consider these as well as this could cut a chunk off what you were going to offer.

While bids at auctions are legally binding buyers should not be too concerned. Bringing a lawyer is not necessary and, as long as the buyer understands the bid is final and is careful about setting limits, a property auction can be a fun day and an enjoyable experience.