The Benefits of Buying At Auction
Buying at auction can be a transparent procedure, you can see when bids will end up in, sales should not necessarily fall through and it’s also open competition. Excessive house prices and also Britain’s legion of amateur property investors mean it really is harder than ever to identify a bargain homes. Those searching for properties to refurbish, good value ex-council homes, or even homes sold by historic landowners will get rich pickings from auction.
What are the risks?
Auction property isn’t a guaranteed bargain – highest taker wars may drive up prices along with buyers ought to set an upper restriction and stay with it. Buying on auction should not be done with any comprehensive study, with a nearby property current market sounded available, a property or home inspection along with survey finished and finance sorted. Should you be the top bidder once the hammer falls you must buy the property. You must pay 10% of the cost prior to leave the particular auction, and the balance has to be paid fully within 28 days. Any auction novices should attend a sale before buying to get a feel for the process.
How do I know what’s on sale? Auction houses hold a number of sales during the year, with each bringing out a brochure or a catalogue with details and date display about a month for a fortnight before the date. Get your name on the mailing lists and be prepared to act fast! Property auction advice service the Essential Information Group has a web site enabling subscribers look at properties from all of UK’s auction homes, research a data base of historical sales and get updates on upcoming property sales.