Property Auctions In The UK On The Rise
Property auctions in the UK are on the rise for a variety of reasons. One main reason is the speed of the transaction. You get the deposit immediately and the entire payment in 28 days from the day of the auction. The buyer too is helped as they do not have to wait for eight to ten weeks for the entire process to be completed. It is easier for the buyer who has a list of properties that they can view and decide on. The seller is most often constrained by time and so opts for the action method of disposing of property. Though the seller normally has a reserve price, property bought at auctions are usually cheaper.
There are many property auction companies in the United Kingdom. Some of them are listed on the Net. In the case of some you may bid via the Internet too. A simple search for property auctions co UK will result in may leads for you to follow. Just do a quick check to ensure that the auctioneers are genuine.
There are many property auctions estate agents as well in the United Kingdom. These help you locate property that has come up for auction. They also help you process all the papers. Remember that you must do your due diligence on this property just as you would for a property that comes for sale in the normal way. Go, view the property, check that the papers are in order, and that the title is clear. All these must be done whether the property is on sale or on auction.
At the property auction be alert. Arrive early and familiarize yourself with the room before hand. Get hold of any addendums that the auctioneer is giving out. Make sure that you are seated or standing at a place where the auctioneer can see you clearly. Raise your hand or nod if you want to make a bid. Vague, indiscriminate gestures will not do. Make sure you have checked the property well beforehand. Get your lawyers to go through the relevant papers. Ask a surveyor to check out the property and give you an estimate of its price.
Here’s what the BBC say about property auctions:
Before you go to the auction make up your mind on the highest price you are willing to pay. Make sure you stick to this figure. If you think you are likely to get carried away ask someone else to bid for you.
You also need to take two pieces of identification to the auction plus a cheque for ten percent of the bid amount. Make sure you have these with you. Remember that you are liable for the property from the minute the gavel drops. So be prepared to take a home owner’s insurance immediately.
The auctioneer’s decision is final in all matters relating to the auction. Even if the house did not sell during the auction, approach the auctioneer with your highest bid. Maybe the seller will now reconsider and sell to you.
Sit through an auction first and get used to the atmosphere. You can also bid through the telephone. You need to contact the auction house for this.
Other things you should keep in mind are that the government’s auctions are bound to be cheaper. When the government repossesses and sells somebody’s property it is only desirous of getting back its money. So the reserve price is bound to be lower.
You can also get badly maintained property fro a song and refurbish or renovate it and sell it for a higher price. Nowadays, apart from telephonic bids, you can also bid via the Internet.
An auction is a place where everything is fair and transparent. However, this does not mean that you do not do the normal checks that a home buyer would do.
Also remember to tie up the finances before you place your bid. As you have only 28 days to find the entire sum, it makes sense to consult your banker or lender and get them to sign the relevant papers giving you the loan.
Now go ahead and check out the properties listed in the next auction. Make a short list, visit them, and then decide on the property you want to buy. You can save a lot of money and time by opting for the auction route.
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