Buying Property at Auction - Advice for the Day

Lots can be sold or withdrawn prior to auction, and so you should always check with the auctioneer before heading out to a sale.
You might want to ask your surveyor or solicitor to attend the sale and bid on your behalf. This may be a good idea if you are likely to get carried away by the proceedings and bid over your upper limit.
If you do attend the sale, make sure that you listen carefully to the opening remarks of the auctioneer prior to the Lot being offered. Amendments may be announced which directly affect the property in which you are interested, for example to correct printing errors or to take into account revised information.
Most properties are subject to a reserve price below which the auctioneer cannot sell the property at the auction. The catalogue or conditions of the sale will clearly state if this is the case, although the actual reserve figure will never be disclosed.
Have a firm maximum price set in your mind, and do not allow yourself to exceed it.
Clearly indicate to the auctioneer when making a bid. Although the auctioneer will certainly be able to distinguish between someone bidding and someone coughing, if a mistake IS made, tell them straight away; do not wait until the end of the sale.
If your highest bid was below the reserve price, and so the property remained unsold after the auction, you should speak to the auctioneer to register your interest before leaving the saleroom. It may be possible to buy the property by private treaty at a price agreed with the seller.
If you are the final and highest bidder at the fall of the auctioneer's gavel, you are the successful purchaser and are legally committed to pay the price you bid. If you do not complete in accordance with the contract then you risk losing your deposit, and may be liable to the vendor for any loss, for example if the property is subsequently sold at a lower price. The vendor is equally legally bound to complete the sale; no one can outbid you after the sale.
You will usually be required to pay a 10% deposit immediately after the sale and will sign the contract in the saleroom. The date on which you will be required to complete the purchase and pay the remaining 90% of the price will be stipulated in the contract document. This is usually within 28 days of the sale.
Upon signing the contract, you are fully responsible for insuring the property. You should organise this cover with your insurers in principle before the auction, so it can be put 'on risk' immediately.