AWS Developments

Uncategorised First Property Auction Purchase

Firstly I have been a little quiet, mainly due to being and still am very busy with the house I bought from auction. 

It was my first in bought from auction, so I was a little apprehensive about the process, never really understood it fully no matter how many times or how much I read the conditions of sale. I have been to auctions in the past, watched from the back try and grasp it, but I just wasn’t a fan of the timescales you are given with the risk of losing the property. 

So let me start from the beginning I did initially see the property as I was swiping through Rightmove, well the price caught my eye. Thought to myself this would be great if I could get the sellers to accept my offer before auction but …. NO! They had signed on the dotted line it had to be sold via auction. Great! So I sort of never really bothered with it again for a month or so I reckon. Until I had a meeting with my mentor and he wanted to see it, we worked through the numbers with the conclusion of ‘sod it’ I’m having it!

Fast forward to auction day! Now this was either online or telephone bids, I haven’t even had chance to experience someone take part in this so I was a little unsure what to expect. The auction company called me advising I went way above the starting bid (shock I was so suprised ), so I didn’t! Following my bid it was a waiting game, I tried to go as normal as I could with my day but every second I was checking my phone haha! I was loving the buzz of it!

15 minutes before the auction was ending they called me again to helped me seal the deal as it were, so they I was on hand if someone was to put bid me last minute. With 12 seconds to go he gasped down the phone “oh something is happening” my answer was “sh*t!” Next few seconds seemed to drag but I was successful!! I had officially won m first auction, felt very proud!

Now just to pay for it – See this is were I nearly ended up losing the property I had just agreed to buy. I was driving up to Sheffield that day to go to an event with girlfriend later that night. Turns out checking your phone every ten minutes for 6 hours isn’t very good on your battery, I had just enough to stay on the phone and pay the reservation fee. Battery power dwindling away my bank decides to decline the payment, with several tries after that as they thought someone was fraudulently buying a house with my card . So I had to phone and chase the bank… phone dies! Panic is setting in now as I had to pay the reservation fee before 5 o’clock, less than an hour to do so. I bought a phone charger from a service station i next passed, waited for some charge to try again. 

A couple of sweaty palm conversations with the bank and the auction department I got there in the end! From this point I had 52 days to complete – completion day I got the keys at 4:45pm! 15 minutes before the deadline was blown!

Would I buy at auction again!?