The auction process can be a very lucrative way of buying properties for the right purchaser. Here are just a few of the benefits of buying at auction:
Auctions give you the opportunity to grab a bargain. People will often put property in auctions to get a quick and complication free sale and will let it go for less than if it was sold by private treaty. Not all properties are suitable for Auction but if you’re looking for a property in need of renovation or a building plot then you might get lucky!
Once the hammer falls, if you are the highest bidder, it’s yours! No one else can come and gazump you and the seller can’t change their mind. There will be no chain to affect your sale, contracts are exchanged and in 28 days the keys will be yours!
Buying a property at auction is a very fast and easy process. The time-scale is fixed and known from the start. You will know when the auction date is and if you are successful you will exchange contracts that day and 28 days later you will get the keys. You will have ample time to research the property and seek expert advice on its condition, check over all the accompanying documents and find out what your maximum bid will be. There really is no faster way of buying a property!
Buying a rental property with tenants in situ at auction will secure you income from the date you take over ownership. It will also demonstrate achieved rental yield and will let you know what income you will be receiving from the day of completion. These can include but aren’t limited to Regulated Tenancies, Assured Short Hold Tenancies and Commercial Lets.
Auctions are a fair way of selling property as all potential purchasers are on a level playing field. There is no first come first served and this type of competitive bidding will also demonstrate that the true market value has been achieved and that other buyers agree with you on the price that the property is worth. You only have to meet the reserve and be one bid ahead of your competitor and then the property is yours.
All the information regarding the lots including but not limited to any planning permission relevant to the lot, Local Searches, Environmental Searches, leases, scheme layouts, site plans and any other information that will benefit you are made easily available through our local branches or through the website. This means that you will have all the information you will need leading up to the auction to better aid you in deciding on your maximum bid.
Why not come along to our next auction and see just how exciting it can be.