How to Invest in Property by buying at a Property Auction
When people mention auction houses, it is was once connected with selling art, antique furniture or trinkets. But more and more recently 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 however aren’t for the faint-hearted. In order to secure your dream property, you may have to enter into a bidding war and so it is imperative you do your research and go to auction well prepared. Our auction conveyancing solicitors can help provide both pre and post auction services to make the process as smooth as possible.
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 tends 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 sometimes seen as a better alternative to estate agents because the fees for the seller can be offset to the buyer 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. More recent relaxes in completion time frames, make buying at auction a feasible option for first time buyers and those looking to use finance towards their purchase.
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 buy 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. At Express Conveyancing we can help highlight any potential title defects through our pre-auction legal pack review service. For more information, please visit our article or the auction pages of our website.
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 your bid is accepted 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. Contact our team on 0800 799 9892 or firstname.lastname@example.org