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Breaking
Free of the Property Chain
Buying
a property at auction
Auctions
aren’t as scary as you think and if you want to move into a property
of your own fast, then it could be just the answer. Property auctions
are growing in popularity, approximately 8% of all property sold in
Britain is sold at auction.
Things
you need to know about buying a property at auction:
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Property
at auction is usually cheaper than that of property sold by an
estate agent.
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Beware
bidding wars, decide on your limit and stick to it, if you are
likely to get carried away, take a friend to keep you level headed.
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Auctions
can have a larger selection of unusual and difficult to sell
properties, this can mean anything from beautiful period properties
to repossessed homes.
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Property
can sell before the auction starts, always check with the auctioneer
that the property that you are interested in is still up for
auction.
-
Auctions
are gazumping free, once the gavel falls no further bids can take
place, but remember that an auction is legally binding, so don’t
bid on a whim.
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Take
the same precautions you would with any other property, get a copy
of the details, have a look around the property, get it surveyed,
get your solicitor to run checks on the property and make sure your
mortgage is in place before you bid.
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Auctions
are very quick, when the auction is finished the property is yours,
you will usually be asked to pay a 10% deposit on the day and
complete within 28 days after the auction sale.
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Don’t
forget that if you do not complete within 28 days you lose your 10%
deposit, also remember that if the property is then resold at a
lower price you could be sued for the difference.
For
a glossary of auction terms click here
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bravenet.com
