In some cases it is possible to buy a property before auction. If an offer is accepted before auction the usual auction sale conditions still apply. This means a 10% depost will be required and contracts will be exchanged. The sale will complete in the same timeframe as specified in the auction conditions. The main reason why people offer on a property before the auction is to secure the deal.
This 'Glossary of Terms' – those commonly used in the realm of property auctions, is monitored and updated regularly to remain a current reference point.
If there are any terms that you have come across which we have not included here and you are unclear about, please do get in touch and we will be happy to provide you with a clear explanation and add the new term to our list.
For more information on buying or selling at a property auction, have a read of our guide to buying at auction.