For buyers with the funds and know-how, buying property at auction is a great option when trying to buy below market value properties for refurb. It’s still possible to get a good deal at auction, you just need to know the insider tips and tricks to help secure the bid.

Repolist is a good place to start when looking to buy property at auction. We have hundreds of auction properties on the website. Sign up to a monthly subscription to Repolist today and start your auction property search. 

More tips when buying at auction:

Find out when auctions are happening in your local area. Add dates to the diary to make sure you don’t miss out on any of them

Be organised. Study the property brochure ahead of the event and earmark the ones you’re interest in. Always do due diligence before auction day

Research the best areas for auction properties. They might not necessarily be in the place where you live. Buying in a new area could bring bigger profits in the long run

Go for a property that isn’t immediately the most attractive. This is more likely to result in you securing the property over other bidders

At the auction, hold off from bidding until there is other interest in the room so as not to appear too keen

Bid wisely rather than wildly and clearly communicate your intent to the auctioneer

Always do the sums – if you can’t make the figures work, don’t buy the property. Similarly, if you have a maximum price you’re willing to pay at auction, don’t be tempted to go over that

Checking you can make a profit before you purchase a property is key to being a successful property investor. The bigger the discount when buying, the higher the profit margins

Make sure you have finance in place. Around 10% of the purchase price is payable as soon as you win the auction, with the remaining balance normally due 28 days later

Don’t get caught up on the houses you’ve missed out on, there will be others that come up for auction

Don’t be scared off by problem properties. Most issues can usually be resolved, just make sure you’ve got the right people working with you on the property

Properties where there is only one interested bidder will sell at the reserve price. If lots of people want the property it will probably sell for a figure well ahead of the guide/reserve price

Repolist is the UK's leading property website and has thousands of auction, refurb and repossessed properties on its database - start your search now.