Buying A House At Auction Is Very Good Investment

Buying A House At Auction Is Very Good Investment



Buying a​ House at​ Auction is​ Very Good Investment
All house prices are still rising popular areas, homes usually already under contract by the​ time the​ estate agent’s board goes up .​
People should also find another sources a​ part from estate agent
Every year around 40,000 properties are sold at​ auction in​ the​ UK - many at​ up to​ 30% below high street prices .​
Auction firms always focus on unusual, hard-to-value premises like churches and​ village halls, commercial lots with potential for​ change to​ residential property.Usualy properties which need renovation get sold though the​ auction .​
This is​ why most of​ the​ time you going to​ find yourself in​ competition with professional property developers.
To get property at​ auction requires very careful planning, full attention to​ details and​ good nerves .​
if​ you succeed the​ reward - dream house at​ good price .​
But if​ you don’t do carefully groundwork then your bargain could turn out to​ be very costly under- the-hammer horror .​
It is​ worth know that some superficially good looking properties go to​ auction because they have hidden problems like dry rot, strict planning restrictions, bad neighbors
Where to​ start?
About 250 companies run residential property auctions every single year in​ the​ Great Britain .​
One, estate agent FDP Savills, holds ten national auctions a​ year in​ London and​ seven regional auctions .​
It says there is​ very strong demand for​ all types of​ property at​ auction and​ there is​ good market for​ flats and​ houses which requiring refurbishment .​
Every auctioneer will send you catalogue for​ all coming auctions at​ list one month in​ advance .​
That is​ time for​ you to​ do you homework .​
Examine property; surround area to​ make sure it​ is​ suitable .​
It is​ also time to​ have the​ property surveyed .​
Ask you solicitor to​ check the​ title to​ the​ property and​ arrange mortgage for​ you .​
If you are successful buyer you need to​ plan to​ complete the​ purchase with in​ 25 days of​ the​ auction .​
The list of​ auctions you can easily find online .​
You also need to​ be ready to​ insure the​ property from the​ moment you get it.
Before you go to​ auction set your highest bid.
You need to​ estimate the​ total costs of​ decorating repairs, surveying fees, mortgage, legal and​ removals and​ any other expenses – and​ then work out how much you are willing to​ spend .​
Please do not forget buyer’s premium will add another 1.5 per cent on the​ top of​ selling price and​ also you need to​ pay stamp duty.

Pre-sale catalogue prices very often wildly below the​ real sale price to​ get buyers to​ auction .​
Property prices can go up and​ down throughout per-sale period .​
Please keep in​ touch with the​ agent .​
The actual price usually set on auction day and​ it​ will be 10 per cent
Of the​ reserve price which is​ minimum price the​ owner will accept .​
Once the​ price met reserve vendor legally obliged to​ sell the​ house to​ the​ highest bidder.
If you are successful bidder you will need to​ sign a​ legally binding contract after the​ auction also you need to​ pay ten per cent of​ the​ property price by cheque .​
Remember they do not accept cash.

Try to​ attend auction a​ few times before you start bid .​
It helps to​ get confidence .​
Check all local estate agent just to​ see at​ what price similar property have sold for.




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