How to buy a house at auction Property auctions are usually held around the country but the advertisements would come only about four weeks before. The best place to search for the auction intimations would be in local and national newspapers or in trade papers like Estates Gazette and Property Week. If you are interested in participating in UK property auctions, the first thing you must do is to find the bargains. The success lies in finding the bargain and in order to get a best bargain, you must not limit yourself to the local area alone. Usually there would be a good catch outside the local area. It has been found that half the properties sold in London are outside the city.
You need to get a professional view and this can be achieved by collecting as much information as possible. An auction catalogue can be obtained directly from the auctioneer, which contains all the information regarding sale, such as guide prices, viewing time and any special conditions of sale. And this catalogue can be obtained for often a small fee. But you need apply for and check the document pack relating to your lot. For this you need to make sure that you appoint a solicitor. Before jumping into transactions, you need to know what you are getting. Take a surveyor or builder with you while you visit the property at one of the viewing times listed in the catalogue. If you are an experienced buyer and thinks that there is no need for a full survey, you can pay less and ask the professionals to walk through and advise on the property. Typically the viewings are scheduled twice a week and are usually open to everyone. One more advantage is that during the visits you will get a chance to check out the rivals for the particular property. The most aspect during the UK property auctions is obviously the price and hence it becomes necessary for you to keep an eye on the price. Remember that the guide price which may be very low would be closer to a reserve price but may not have any closeness at all with the final
sales price. It is a common thing that a guide price may change based on the interest displayed by buyers and any offers received in the run up to the sale. It is not advisable to make an offer before the sale as this may push up the reserve price. However make sure that you are been guided by the auctioneer. Preparation before the bidding is essential and you must be completely ready with the finance before you bid. If you come out successful, you would be expected to a minimum of 10% deposit on the day. But the bid would be forfeited if you are not able to find the remaining 90% by completion after 28 days. The sale of repossessed home however specify completion within 14 days. Auctions normally last three minutes per lot and make sure that you are bidding on the right lot.
Source: Property Auctioneers
Published on Nov 17, 2010
Published on Nov 17, 2010
The most aspect during the UK property auctions is obviously the price and hence it becomes necessary for you to keep an eye on the price.