This is the first in a series of monthly articles for PIN about the residential auction world. Each month will consist of two parts, the first will look at one aspect of buying properties at auction, while the second will look at the previous month's auction results including some of the more interesting lots, including those unsold but with very motivated sellers and with some average regional 'hammer' (sold) price data.

I don't feel there is any point in looking at future auction lots because by the time you receive this magazine the auction will either have taken place or be about to take place, leaving insufficient time for any proper due diligence.

I will though be continuing my regular webinar called 'Panning For Gold' which will look at interesting lots in future auctions across the UK, highlighting a different region each month. In each case a Panning For Gold webinar will be run shortly after a catalogue release.

To give you a little background on myself, I have been buying properties through auctions for over 25 years specialising in buying distressed property in need of renovation. My 'ideal' property is a terraced house which hasn't been touched for maybe 50 years and, even though it is capable of being let or should I say lived in, it needs completely renovating to bring it up to today's standards to meet both the discerning tenant and buyer's expectations.