The weekly update for week beginning 23 November 2015 is available in the members area now
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Are You Looking to Buy a Cheap Property at Auction?
The property market has slowed down over recent years - it appears that despite recent modest rises, 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 remaining high, it looks as though 2015 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!
Property Auction Sources
ACCESS POLICE AND GOVERNMENT AUCTIONS NOW
Police and Government Auction Sources UK is available as a PDF document that contains 40
pages of information and 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:
Police auctions | government auctions | property auctions | car aucions
We have recently added a new section - bankrupt and surplus stock - where you can find sources
allowing you to obtain end of line and surplus mail order stock as well as liquidated stock.