You may be able to make an offer and buy an auction property prior to auction day. Read our guide to find out in detail how you can go about making an offer on a property for sale by auction.
It’s possible that a seller may be willing to consider offers on a commercial property prior to auction day. In these cases prospective bidders can make an offer at any time up to the date of the auction.
In order to find out if this is possible in regard to the lot you are planning to bid on, you should contact the auction house. They will register your interest and keep you informed of any developments.
The advantage of this option is that by doing so, it’s possible to avoid paying over the odds at auction, or the disappointment of losing out on the lot entirely, if the bidding exceeds your limit. If you are inexperienced at purchasing at auction, it may be worthwhile seeking advice from an agent with specialist market knowledge.
However, you should be aware that if you make an offer prior to the auction and this is accepted, you must be able to pay your deposit and exchange contracts on the same day, so it’s important to have your finances in place.
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VAT on Commercial Property Purchase at Auction
