Property entrepreneurs who have made killings from repossessed properties have lots of advice to offer, not least about auction catalogues.

It's a good idea to find out from the auctioneer exactly when property catalogues and/or information will be available. Call on that day to see what's coming up for auction. The sooner you call, the sooner you can get going on your viewings, surveys, and so on. You need to create as much time as you can get in the run-up to the auction.   

When looking at photographs in an auction catalogue, do not take them at face value. Sometimes, photographs will include a better-looking next-door property which some new would-be bidders will mistake for the property for auction!

Also, some photographs will not do justice to the property - a Victorian terraced property will often have much more space than appears from the outside.

Look at a photograph alongside of the description which should list the number and types of rooms available. Some catalogue descriptions will also give you floor layouts and room sizes. Looking closely at the photograph and all other information should give you what you need to know.

Do not hesitate to contact the auctioneer to ask for more information about a particular property if you are not sure whether to visit or not. Remember that someone at the auctioneer's will have visited and drawn up this catalogue entry and they will be the best person to ask about it. Better to ask than to do a 300-mile round trip to discover it's not what you thought it was!           

In the catalogue, you should see the conditions of sale which will be listed near the front of the catalogue in most instances. These are important - they provide the legal framework for your purchase.

Like all 'small print', they should be read carefully line-by-line so that you clearly understand and can abide by them. Show them to your solicitor.

There may also be special conditions of sale which will apply to specific properties. These may be listed in the catalogue although they are sometimes added later on extra sheets which occasionally go astray. Always ask if the property you're interested in comes with any special conditions of sale. If so, read them and show them to your solicitor. 

A quick word here on guide prices. In an auction catalogue, you'll often find that the auctioneer has indicated a guide price for each property; typically this is what the auctioneer expects the property to sell for at auction (but check how each auctioneer defines their 'guide price').

It's important not to focus on the guide price. When you've been to one or two auctions, you'll find yourself thinking "That was expensive" for properties that sold at above guide prices; and vice versa for those that don't make the guide price.

Guide prices are irrelevant when you're looking to make a killing from repossessed properties. What matters is the market value that you will hopefully sell at, less what you pay, and less your costs.

What's left is your profit on the deal.

Instead of focusing on a guide price, you need to find out what the property is worth, by comparing it to others that are on the market. You then need to decide what costs will be incurred by you to bring it to market. You should set your target profit - what you want to make from the deal. That leaves a figure - the maximum you are willing to bid up to at the auction!