Buying a house at auction, particularly for the first time, is likely to be a very different experience to any other property transaction you've been involved in before. It can be quite daunting, but if you've done your research and are aware of the processes involved, it could be very exciting and potentially fruitful too.
Therefore, it is important that you've done all your due diligence and preparation when buying a house at auction. Ideally, if you do everything correctly, the process - according to Zoopla - should be as simple as:
Viewing an auction property you're interested in, before the auction day, perhaps with a surveyor, architect or builder
Ensuring your finances for the purchase are in order, whether it's an agreed mortgage or cash
Having a solicitor study the small print and property's legal pack
On auction day, being ready with your paperwork (such as your mortgage AIP or proof of cash funds) and being prepared to bid, but only to your set budget. Don't be tempted to go above and beyond.
If you win the auction, paying your deposit and completing the purchase in full within a set time (how long to complete after auction and what happens after an auction sale depends on the type of auction)
Please note that it is advisable to get a house survey on the property before completion, bearing in mind you may lose your deposit and still have to pay fees if you decide not to complete.
Learn more about the buying a property at auction process.