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Buying your next property at auction?

The benefits...

Chance of a Bargain:

Auctions really still can offer the chance of a bargain. It is just as true of property auctions as it is for furniture and antiques. There is an abundance of TV programmes that will confirm this and they clearly demonstrate the public’s attraction to the Auction process. Not every type of property is suitable for Auction, but if you are interested in any of those types that are described below, then read on and get looking for a bargain.

Certainty of Success:

If your hand is up when the hammer comes down then you will have exchanged contracts and the property will be yours. No one will be able to step in and take it away from you; there will be no chance of the seller changing his mind, someone gazumping you, or a break occurring somewhere in the chain of transactions. You will have bypassed that anxious, uncertain period which Private Treaty buyers experience, between agreeing a purchase and getting to an exchange of contracts.

Speed:

If you want to buy an Auction property the process is quick and easy. There is a fixed, known time-scale at the very beginning – the Auction date is set and the period from then to completion, which is usually 28 days, is stated in the Special Conditions of Sale. You know how long you have got to evaluate the property, obtain advice and expert opinions, and determine your maximum bid price.

No Hidden Surprises:

Auction House, in conjunction with sellers’ solicitors, aims to make available all relevant documentation from Searches and Leases on tenanted property through to Planning Permissions and Scheme Layouts for development plans. They should all be easily accessible and often downloadable from our website and we will be happy to provide an explanation and give general guidance too, should this be required. We will also put your Solicitors in direct touch with those of the seller and the appropriate Authorities.

Level Playing Field:

Everyone has an equal chance at Auction, it isn’t a first come, first served arrangement. Most properties entered into Auction are sold under the hammer. That shouldn’t stop you putting in a pre- Auction bid if you are very keen on a particular Lot. For it to be accepted, it would need to be a very strong bid, and at a level that might not be reached by competitive bidding in the Room.

Right Property and Right Purpose:

You will be interested in a specific Auction property because it is right for you and you will want it for a specific purpose. Sometimes for your own occupation or use, other times as a project or an investment. You will already know why you want it – your purchase will likely be part of a bigger plan, either financial, family or business related. Auction often offers the opportunity that you have been thinking about and the urgency it brings could persuade you to commit to that plan.

Competitive Bidding:

Often buyers get a property knocked down to them at a lower price than they were willing to bid and, by doing so, will purchase at less than would have been the case by Tender or Invited Offer. What is more, buyers will have the reassurance that other bidders share the same opinion of a property’s value as they do and you only have to be one bid ahead of your competitor or get to the reserve price to be successful.

Immediate Tenancy Income:

If you buy a tenanted property you will start receiving rental income from the day of legal completion. Your investment starts delivering from the moment you take ownership and you can factor this into your evaluation of its return. The legal benefits of the Tenancy Agreement will pass over to you along with the responsibilities that it contains.

Temporary Financing:

Nowadays there are specialist short-term lending options available that will enable you to complete with temporary funds, prior to your preferred long-term mortgage being put in place. Auction House is able to introduce you to specialists who work in this field, or to their own in-house Financial Advisor who can set up a conventional mortgage to support your bid.

Summary

  • The Search begins
  • Finance
  • Viewings
  • Making and Offer
  • Legal
  • Sale Agreed
  • Draft Contract
  • Local Authority search
  • Survey
  • Contract Approval
  • Formal Mortgage Offer
  • Exchange of contracts
  • Completion
  • Congratulations!
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