Stepping into a property auction can be exciting, but it can also be costly if you’re unprepared. Luis Guarin, owner of Prime Property Auctions, shares insider insights on navigating property auctions successfully, drawing from over 600 lots he’s sold.
Avoid these costly mistakes before you bid
One of the most common mistakes first-time bidders make is overlooking the legal pack or hidden costs.
Buyers frequently overlook their insurance responsibilities, not realising that liability begins as soon as contracts are exchanged. Combined with misreading terms or bidding without a strategy, these mistakes can cost thousands, sometimes even tens of thousands, as real-world examples show.
Why some of the best heals happen outside the live auction
Luis highlights why some of the best opportunities occur outside the live auction. Making an offer early can give buyers more control, such as, negotiating completion terms, managing timelines, and avoiding the pressure of live bidding. Patience and preparation often pay off more than impulsive bidding.
For anyone looking to invest in property in Scotland, England or Wales, or tap into the opportunities that Prime Property Auctions offer, this episode is packed with practical tips, cautionary stories, and actionable advice. From understanding deposits and insurance responsibilities to spotting opportunities that others overlook, it’s a blueprint for smarter, safer bidding.
Don’t miss the full podcast to hear Luis Guarin break down these strategies in detail and help you step into your next auction with confidence.
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