Are You Looking to Buy a Cheap Property at Auction?
The property market is slowing down - it appears that the boom in house price growth is over, at least for now. Homes are taking longer to sell, and availability of mortgages has lessened considerably. Sellers are increasingly turning to property auctions to secure a quick sale. For buyers, that means the chance to bag a great property at bargain price! And with rental prices rising all the time, if you buy a second property to rent out then your investment could reap great rewards.
With repossessions also on the increase, it looks as though 2012 will continue to be busy for the auction rooms. And that means plenty of property bargains for you.
Going Through the Initial Process
A key advantage of buying at auction is the no nonsense approach. Once the hammer falls, you effectively exchange contracts and neither party can back out. This gets rid of a lot of the anxiety many buyers face during a property purchase - such as the fear of being 'gazumped' by another buyer with a higher offer, or the possibility of being left without a home to move in to if the seller decides they no longer want to go through with the transaction.
If you want to buy a property at auction, the first thing you should do is request a catalogue from the auction company. This will include a list of the properties up for sale, along with detailed information and guide prices. If you find a property that interests you, go and see it! Most catalogues will publish a viewing list - this tells you when you can view the property.
Before you decide whether you want to bid on a property, you would likely have a solicitor go through the finer details. Your solicitor should request a legal pack from the auctioneer which should contain all the legal documents for the property.
Once you've done all the initial work, you should attend the auction. If you can't attend in person, you can often bid over the telephone. Remember, once bidding starts, its easy to get carried away - don't be tempted to bid more than you can afford.
If all goes well, buying at auction should be a very quick and exciting way to bag your new property - and hopefully at a bargain price!
Police and Government Auction Sources UK is available as a PDF document that contains a username and password for immediate access to our members area, where you can access the websites, telephone numbers and locations for auction establishments all over the UK that deal with the items mentioned above. The auction sources are split into sections: