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Police and Government Auction Sources UK
More About Property Auctions
Are you looking to buy a cheap property at auction? If
so, great! 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.
Repossessions also remain nice and high so it looks
as though this year 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!
A lot of property is auctioned at “below market
value” (also known as BMV). The reason being
that often a property will have been repossessed
and so needs to be sold quickly for the bank to
recover its money.
A growing number of people choose to cash in
on the BMV prices by flipping property - in other
words, they pick up a bargain property at auction
and then spend a few weeks making basic
improvements in order to bring it up to a
standard where it can be sold on the open
market through an estate agent. The short term
profit can be quite amazing - often in the tens of
thousands of pounds.
Access Police and Government Auctions Now
Police and Government Auction Sources UK is
available to download now (mobile users can view
online) as a PDF document which includes:
A list of Police forces around the UK and the
various auction houses (with contact details)
they use to dispose of items
Information about Government auctions and
known establishments that sell items on their
Additional lists of auction houses specialising
in car and property auctions
A list of sources allowing you to obtain end-
of-line and surplus mail order stock as well as
You will also receive a weekly email (usually sent
on Sunday evenings) which gives access to an
additional PDF (updated each week) showing a
daily summary of the auctions due to be taking
place during the coming week. We believe this is a
useful way for you to see the key auctions taking
place during the week without having to go
through the full list of auction sources yourself.