Flipping Property 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.

Property Auctions A key advantage of buying at auction is the no nonsense approach as well as the fantastically low prices.

Repossessed Properties Repossessed properties make excellent purchases as they are often heavily discounted for a quick sale.

Refurbished Properties Refurbished properties are an ideal choice for a property investor looking to accept tenants immediately.

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. The Auction 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!