It's wise to keep tabs on your target property from the moment you've spotted it. Make contact with the auction house as early as possible to let them know you're interested in the particular property. If you can establish some sort of personal relationship with someone at the auction house, you're often more likely to get a better service. They may give you helpful background information about the legal packs and special conditions relating to specific properties along with some idea of any interest shown by other possible bidders.

It's worth repeating - to stress again - that you do need to have a survey done on the property you're thinking of buying. It is not enough just to view it on your own and assume all is well because you can't see anything wrong. You could go round with a builder on the basis that you'll use them for any work that needs doing. But a builder may not spot everything. If you are serious about buying, bring in the surveyor before rather than after you've bid.

Remember, the best way to uncover a surveyor is by word-of-mouth recommendation or by trawling through Yellow Pages. Call three, tell them what you want and see who you feel most comfortable with. You may want to ask if you can go round with them - that's a good way of picking up snippets of off-the-record information that might not make it into a written report.

Don't rely  - as some people do - on a mortgage lender's survey report. They assume that if the mortgage company is lending money, the property must be worth what's being paid. Nonsense! The truth is that the mortgage lender just wants to make sure there's enough there to sell the property and repay the mortgage in a worst-case scenario.  You need an independent survey of your own.     

With a solicitor, you need to make sure that they act promptly - you may, after all, have only three weeks to sort everything out in the run-up to the auction. You want a 21^st century solicitor - one who picks up the phone, uses e-mail and is pro-active. You don't want a 1950's leftover who writes everything by letter and generally drags everything down to the slowest possible pace. Send an e-mail to those solicitors you're considering by word-of-mouth recommendation or from a search in Yellow Pages. See which ones respond quickly and well. They are more likely to do the job you want and on time!   

Another thing you should do upfront is to arrange your insurance cover - this needs to commence as soon as the hammer falls on your winning bid. There will often be an insurance broker at the auction house who can arrange cover on the spot. But it is wiser to shop around in advance for the right policy and a price that suits you. You can source insurance brokers by word-of-mouth recommendation or, as ever, by going through Yellow Pages.       

BIDDING AT AN AUCTION - HOW TO DO IT

It is sensible to familiarise yourself with property auctions before bidding for the first time. Go to at least two or three different ones before you plan to bid. Property auctions are surprisingly straightforward affairs but you do need to get a feel for what happens there so that you are fully at ease with procedures.

When you first visit, ask for a catalogue on arrival, pick up the conditions of sale, listen to what the auctioneer has to say, and sit at the back so you can watch what's happening. Just soak up the atmosphere so you really feel at home there.

Although many property auctions proceed along similar lines, it is sensible to have attended the auction house where you're planning to bid at least once in advance. Some auctioneers have their quirky ways and these can unsettle a first-time bidder if they don't know what to expect.

One auctioneer, for example, might use the phrase 'thinking time' just after what looks like the final bid. It's a way of gaining a few more seconds and persuade a wavering bidder to make another bid. If you're new, you might find this unnerving and fall for the trick.     
     
When you go along to bid, make sure you arrive an hour or so before the auction to check on any breaking information.  Most auctioneers are around for an hour or so before the auction commences and are there to answer questions.

Last-minute information may also be provided in addendum sheets and then be announced at the opening of the auction. Information relating to individual lots for sale can come in quite late. You need to know about this - and have a mobile phone on you so you can call your solicitor with any last-minute questions!

Always check for any unexpected changes to the running order, the conditions of sale, and the lots that interest you. If the auctioneer comes to 'your' lot and reads out a fact or figure that's new to you, you're in big trouble - they're not going to stop the bidding whilst you check what was said, and you won't want to bid without knowing what it was!

Make sure you are not overlooked by the auctioneer when you come to bid. Speak to them in advance and say you are going to bid for a particular lot. It helps if the auctioneer is expecting your bid as they will then look out for you. 

Don't let a crowded room put you off by the way - many people are there to watch rather than bid. Even those that will bid will not be bidding on everything!

Set a maximum bidding figure and make sure you don't exceed it. If you've done your research - looked at selling prices of similar properties nearby, talked to estate agents, had a survey carried out, etc., - you'll know your top price. Stick to it - go above in the heat of the moment and you are reducing your potential profits!

Remember not to be encouraged or discouraged by guide prices in the auction catalogue. Too many people think 'I can't afford that' and don't proceed. But guide prices are simply that - guide prices! It doesn't mean that's what a property will sell for. The bidding may go above or below that depending on pre-auction interest and the competition in the room. You may find it useful to ask for past catalogues and subsequent selling prices so you can see how close the estimates and actual prices are. They often vary a lot!     

You can guarantee that you get a bargain every time by simply bidding up to your limit but no higher. If you get it at that price, you've bagged your bargain. Lower than that, and it's an even better bargain! If the bidding exceeds your bidding limit, you drop out and keep your cash for the next property coming along that meets your criteria. You're a winner every way!         

Pay that all-important deposit on fall of hammer - take a banker's draft with you rather than cash. Having a banker's draft for £10,000 is safer than walking around with £10,000 in notes. The typical deposit is 10%, but check in advance!  You can't know how much the winning bid (and therefore the deposit) will be. But you'll know what your maximum bid is and can take in 10% of that. If you win for that maximum bid, you've got your 10% deposit. Win for less, and you simply pay the equivalent of 12.5%, 15% or whatever that amount represents and then settle up 85% or 87.5% instead of 90%. If the bidding exceeds your maximum, you'll drop out anyway!