If you've never bought from auction before you really should attend at least one property auction prior to you bidding so you can get used to the heady atmosphere that surrounds the spending of large amounts of money. Even quiet auctions can feel very tense with bidders trying not to give away their intentions.

The greatest danger at auction is, of course, getting carried away. If you're bidding on a house for your own personal use this is especially likely, in which case know your limit and take someone neutral along with you to tell you to stop if the worst happens. Even better if you suspect you may keep bidding over your limit get a friend to bid on your behalf.

And remember that lovely, smiling auctioneer is not your friend! Part of their skill is to silkily pursuading bidders that if they only bid "just" another £1000 that house could be theirs.

Always make sure that you have the necessary finance in place to complete the sale within 30 days. Don't just assume you'll easily get a mortgage within that time period. You will lose your 10% deposit and could be sued if you fail to come up with the money.

With the new money laundering legislation that's recently come into force make sure you have the relevant pieces of documentation with you to prove your identity if you're planning to bid. Check with auctioneers as to what they want as proof. And remember to bring it with you. You don't want to lose out just because you've forgot to bring along a utility bill!

You'll find the following product extremely useful if you plan to buy property at auction.

Property Auction Secrets will tell you all you need to know about buying property at auction while ensuring you maximize your profit margins. From the basics of bidding to how to reduce your tax spend on your property, everything you need to know is covered.