How to Invest in Property by buying at a Property Auction

How to Invest in Property by buying at a Property Auction

When we speak about auction houses, it is usually connected to selling art, antique furniture or trinkets. But they are also a great route for those who interesting in buying or selling their property. Property auctions have often seen record numbers of buyers who make a winning bid and lock the property for themselves. Property auctions aren’t for the faint-hearted and if you cannot handle the heat it is best to approach property solicitors in London. In order to secure your dream property, you will have to enter into a bidding war, which is nowhere near being cordial.

With property prices on the rise and an increased demand for property, it has become substantially difficult to pick up an ideal bargain. While searching for properties you will soon notice that your dream home often tend to disappear quickly and by choosing the option of purchasing through property auction, you might find your options soon open up.

Traditionally it was preferred to buy or sell the property through an estate agent, but today property auctions have created a new and modern route for people who are interested in buying/selling properties. Property auctions are a better alternative to estate agents because the fees tend to be cheaper and there are chances for a bigger offer if there are numerous bids. Property auctions welcome all kinds of investors from first-time bidders to seasoned investors; they have become a preferred choice when it comes to property shopping.

What Types of Property to Expect at Property Auctions?

There are various types of properties available such as abandoned buildings, residential flats, houses, commercial plots, land, and garages. There are several reasons why people auction property. Properties found at auction houses are usually auctioned to avoid estate agent fees or trying to get a better value for the property. However something you need to keep in mind is that properties sold under property auction conditions might come with a whole raft of title defects. Upon placing a successful bid, you are expected to pay the ten percent deposit to the auctioneer which essentially means that you have entered into a legally binding contract. Should something later come to light that the property you have purchased has title defect, you will then be unable to back out of the transaction. This article from BBC Homes offers a good starting point before you consider the route of buying a property at auction.

Who Buys at Property Auctions?

Property auction is a great place for buy-to-let landlords who can pick a decent deal and steadily build their portfolio. First-time buyers find it a great place to look for their dream home but you need to be careful because once the hammer goes down three times you are committed to buying it often within a tight timescale. Potential bidders have an opportunity to look at properties well ahead of the auction at open days so that they have a clear idea of where they are investing. Those looking to auction property can find high bidders if they are lucky. So if you are interested in buying a home consult with our professional and experienced team of auction solicitors who will make sure that property conveyancing is a smooth and quick process, both pre and post auction.

What our clients say

Great value for money. Everything went smoothly and I was very pleased with the service provided
Rachel Whitfield
Rachel Whitfield
20:59 12 Oct 18
Excellent! Very responsive, and really helped to push the purchase. There were unexpected delays during the process, but Anthony really helped to reassure me that he was doing everything he could to progress the sale. Ultimately, it all worked out in the end, and I would highly recommend! I would also recommend for auction purposes.
Sean Stevens
Sean Stevens
09:14 21 May 18
Very happy customer. Understanding of our needs and recommended a really fantastic solicitor.
Jack Hearne
Jack Hearne
17:49 12 Oct 18
I have just completed the purchase of my flat with them. They were recommend by the estates agents Phillip Arnold and they were fantastic. My case was handled by Milena who was really helpful and always available on the phone. The online system is also really easy to use. If I buy or sell a property I will definitely be using them again.
Sharon Kelly
Sharon Kelly
18:27 20 Dec 17
I used this service following a recommendation. The online case tracker worked really well. I would recommend this service as it's vital in the coordination between Estate Agencies and between Solicitors. The service proved invaluable in helping progress the conveyancing work efficiently and effectively. Completed the transaction just before Christmas having instructed the Solicitors on the 4th.
Shelly Harrill
Shelly Harrill
16:30 19 Dec 17
Excellent Service. Final Price same as quoted.
A Google User
A Google User
14:26 19 Dec 18
Have used them twice. Both times completion happened in less than 4 weeks, even over Xmas! Totally amazing. They take the stress out of the whole process.
Daniel West
Daniel West
13:04 21 Dec 18
Excellent Service. Final Price same as quoted
Parsa Khamooshi
Parsa Khamooshi
15:54 21 Dec 18
Being a first time buyer they guided me smoothly through the whole process of moving into my first home. Very professional and economical.
Uday Seth
Uday Seth
12:31 24 Dec 18
Express Conveyancing have been excellent in the handling of my recent house sale and purchase. Would highly recommend
James Ellis
James Ellis
11:43 30 Apr 19
Express Conveyancing have been excellent in the handling of my recent house sale and purchase. Would highly recommend
Michelle Preston
Michelle Preston
12:20 30 Apr 19
ThanksThanks for handling my sale and purchase. No complaints from me. Rebecca was regularly on hand to help with my queries and deal with issues.
Claire Miles
Claire Miles
17:48 07 May 19
I bought my first home in South London with Express Conveyancing . Great professional service, I was regularly updated and looked after. Top marks, 100% recommendation from me!
Dale Griffiths
Dale Griffiths
15:58 02 May 19
Good service and happy with the conveyancer
Chris Jenkins
Chris Jenkins
22:01 17 May 19
Great service from start to finish. Was great being able to see progress online! Very quick and efficient! All staff were helpful. Highly recommend
Reece Moseley
Reece Moseley
06:20 30 May 19
I would highly recommend them. They deal with any queries promptly and efficiently. Would definitely use them again.
Sahar Dalini
Sahar Dalini
09:13 10 Jun 19
Fair prices good efficient service
Sue Batchelor
Sue Batchelor
18:46 01 Jun 19

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