Buying Property at Auction

Buying at Auction

Andrew Craig partners with the North East’s largest Auction House, Agents Property Auction. Our Auctions have been held publicly in an auction room since we started in 2010, however due to Covid-19 they are currently being held online. The Auction format is the same, but more accessibility is given to buyers as you can bid from wherever you are in the World.

Our live online auctions have properties for everyone from first time buyers, downsizers, up sizers, looking for a holiday home, development opportunity, buy to let investment, commercial, land, the list is endless. The process is simple, transparent, quick and secure. Our sellers are motivated to sell and have priced their properties accordingly. Bidding is available 24/7 from the comfort of your home! Our team are here to give advice so contact us on 0191 226 1222 email auction@andrewcraig.co.uk 7 days a week.

Benefits of Buying at Auction

Quick and Easy Process

Bid online from wherever you are.

Auction completion has a fixed timeframe of 28 or 56 days, compared to private treaty which takes on average 6 months for completion. There are no surprises and no quicker way to buy a house.

Exchange of contracts normally happens at the fall of the gavel with a set date for completion. This is usually within 28 or 56 days, whereas a private treaty sale on average takes 16-20 weeks, sometimes longer!

If you bid and win, you’ve won. At the fall of the gavel, the seller and purchaser enter a binding agreement legally committing them to complete the transaction. This means the seller and buyer both cannot change their minds.

You have a 28 or 56 day completion scale, meaning you have time to arrange your finances and find a mortgage, although many buyers arrange their finance before the auction. Andrew Craig partner with Mortgages now and can help you with any financial advice that you may need.

Most properties going to auction have legal packs ready for prospective buyers to look through before the auction, this speeds up the conveyancing process as you don’t have to wait for solicitors responses to your queries

Many Auction Houses charge a large fee, called a buyer’s premium, to the buyer but APA do not do this. On the day of the Auction the buyer pays a deposit and an administration fee, the deposit you pay comes off the purchase price upon completion.