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There are many properties available at auction that
will NEVER be advertised in a high street window.
There
are many advantages of buying at auction over an
estate agent, including:
- CHOICE
There is often a wider range of properties for
sale than via a High Street Estate Agent. This
can include repossessions, properties requiring
renovation, fire damaged or derelict wrecks,
ready tenanted properties, unusual buildings
such as water towers or toilet blocks.
- NO
GAZUMPING There is no risk of being
gazumped or the vendor withdrawing from the
sale because the property is sold on the fall
of the gavel and the contract is binding.
- FAIRNESS
As the property is available for sale on a set
day, all interested parties have an equal chance
of successfully purchasing the property.
- TIME
EFFICIENT All the legal work, surveys
and financing arrangements should be completed
prior to the sale enabling a speedy purchase
and completion within a month.
- BARGAIN
PRICES Many properties are available
at below market values
Many
people think of AUCTIONS as scary
places full of underhand dealings. This is just
not so! It is advisable though, not to jump in at
the deep end. A good idea would be to attend a few
AUCTIONS just as a spectator to
get a feel for how the bidding process works, which
could help save future costly mistakes. If you know
someone that has already purchased property at AUCTIONS
then all the better, as you can draw on their experience
and expertise.
One
of the most common mistakes made, is for the Investor
to get carried away
and bid above their ceiling level.
A
successful AUCTION Investor will
always fix their maximum price before they get to
the AUCTION room based on their
due diligence and correct assessment of the property.
If the price of the property goes above this price
on the day, they will remain emotionally detached
and let the other bidder get the property at an
inflated price. You should purchase with your head
and not your heart.
One
of the most popular methods used to purchase property
at AUCTION is BRIDGING
FINANCE. It gives immediate access to funds,
so making purchasing property at auction as simple
and as hassle free as possible. Most auctions require
completion of the property transaction within twenty
eight days, so speed of funds is crucial due to
very short time scales being imposed.
A
loan facility can be agreed in advance for usually
75% of the value of the property you wish to bid
for, based only on the property’s valuation
not on the purchase price. During the AUCTION
the Investor can bid with total confidence knowing
that the funds, subject to valuation, are available
to complete the purchase. A deposit is still needed
on the day of the auction which could also be funded
by BRIDGING
FINANCE if needed.
There
are several other ways to finance AUCTION
purchases. Check out the FINANCE
tab for more information.
-
Check out the Auctioneers
- Request
the catalogues
- Pick
your property
- Do
your due diligence and research
- Get
your POWER TEAM in place
- Get
bidding!
