AUCTION SUMMARY

Proportion
  1. What goes to auction: All types of property from large residential properties, to plots of land, commercial and everything in-between.
  2. Who sells: Various people and organizations from individuals with their own home, to financial institutions with repossessed properties, trustees, as well as people looking for a quicker sale.
  3. Why sell: sellers hope to achieve quicker sale completion time, as well as the security of a successful buyer paying a deposit at the time a successful bid is accepted by the auctioneers.
  4. Why not sell on the open market: The quicker completion attracts sellers, as well as the fact that at auction the seller has more favourable terms than they would in an open market sale.
  5. Why does buying at auction appeal to you: Are you looking for a “fixer-upper” or to start building your portfolio? Often auction properties require far greater work done to them, than you may assume.
  6. Do you know the auction rules, terms & conditions? Do you know what else goes to auction-properties in need of major works, or with large repairs due, some properties will have short completion times, do you know the buyer`s premium payable? If you are successful in bidding at auction-you have bought-it`s legally binding.
  7. Many buyers have been caught out by buying at auction unaware of some of the issues above, bought a property based on it “looking ok” however looks can be deceiving. Make sure you carry out the correct checks by having your solicitor look into the legal pack before you even think about bidding.
  8. Caveat Emptor ​- auctions are great for sellers, this may not always be the case for a buyer though.

USEFUL TIPS

1. Always make sure you view the property
2. Know the auction house`s terms, conditions and rules.
3. Have the legal pack checked well in advance.
4. Set yourself a limit, don`t bid more than is affordable.
5. Never part with any funds without viewing or checking the property.
6. Don`t “buy blind”, it could prove be a costly mistake

If you will buy at auction, be sure to carry out the relevant checks, for further information please contact us at the address below, or by email: info@propertyauctionconsultancy.co.uk

Remember, if it sounds too good to be true, it usually is…..

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