If you take the risk and know how to buy property at auction, you will save more on offer. However, you need to know several important things before registering for it. Below are those.
Finding an auction
The first and foremost thing to do is to find the auction houses in your area or those sell properties near to you. Once done, get into its mailing list for auction catalogues, which will be made available few weeks ahead of the auction equipped with viewing times, guide prices and also the conditions of sale.
Remember fine print
Don’t forget to download all legal documents from the website of the auction house. Read carefully and send to the solicitor to get suggestion how high you can bid. Usually the searches are included in the legal documents, but if it is not there you need to make it done through your solicitor ahead of the auction. This will involve some money too.
You need to know the cost of modernization of the house or flat being sold and it would be necessary and not knowing will prove you very costly.
Finding fair value
Always do a small research to the local housing market as knowing more about the property being auctioned is important so that you can decide the maximum bid.
Usually the auctions are flooded with temptation and this may lead to bidding higher than your maximum. So be careful. If this is something you worry, it is suggested to take the help of proxy bidder or someone else specifying the limit.
What to bring at auction
Before attending the auction, check the documents and ID required for the registration to bid and also the payment methods.
If you are the successful bidder, you have to pay a deposit of about 10 percent, exchange contracts and the auction house fee.
Usually the completion date is four weeks from the auction date and you may lose your deposit money if fail to complete on the date. You could also be sued for it by the seller.
This is the reason many likes to pay in cash rather with a mortgage.
Even though the auction house expects certain price of the property, but the bid price often goes higher. However, if the bidding fails to reach the reserve, a deal can be made with seller via the auction house. It can be possible on the same day.
Such properties can also be checked on the website later.
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