Buying property at auction

Home for saleAre out planning removals Kent and looking for your new house? In the present times, more and more people are considering purchasing property at auction. One of the primary attractions of doing this is that you will be avoiding the traditional drawn out process of buying a house; the decision of whether you have been able to successfully purchase the property is decided in within minutes; and that is the instant the auctioneers hammer falls.

If you are someone new to the practice of purchasing property at an auction, it is recommended that you go to one or two auctions merely just to sit and look at the entire process and how it works. This will enable you to know what exactly you can anticipate while you come to bid on a property at an auction.

Buying at auction guide

It has been stated that you could save more than 40 percent on a  property by purchasing it at an auction. There are, nevertheless, some unwritten rules that you are required to abide by while you are considering buying property at an auction. The reason that you should follow all the unwritten rules is because they are beneficial in making the entire process a lot smoother and will prevent you from making decisions that you do not want:

  • Do not buy any property before you have sold yours, that is before the completion has taken place. This is obviously an assumption that you are relying on the same to buy at the auction.
  • Make sure you do a survey on your own before you purchase a property. It will not just restrict the potential nightmare of building issues, but you will also have grounds on which you can place your bid, and being aware of your mortgage limit and how much deposit you will be required to make.
  • Make sure you always set a price restriction on a property. Simply because someone is bidding higher than you does not indicate that the property value has raised.
  • If your bid is successful on a property you are officially bound to purchase the property and will require to put a down payment as a deposit and then 10 percent of the property’s price. This leads to other aspects that you are required to bring with you while you get to the auction house. You should be keeping your auction house brochure along the personal details, the name of the solicitor, their contact number as well as the address. Always remember the fact that it is imperative that you call at the auction house before you set out to make sure that the property you consider bidding on has not already been sold before the auction and that it also has not been withdrawn from the auction list.
  • After buying your new house you can start looking for some help with upcoming relocation. Depending on the size of your move, it may be either one of large Canterbury removals firms or  one of local man and van Kent services. Whatever you choose it will help you moving without stress.

Buying propertyFollowing are some vital guidelines which you should keep in mind before you go out to an auction house:

  • Get hold of a brochure from the auction house, read the mentioned details thoroughly and mark the aspects you are interested in.
  • Make sure you arrange yourself a viewing of the lot (s) that you would be interested in, view all the arrangements for the particular property that is listed in the catalogue. it really does not matter how many of these you view, as you should be viewing as many of these properties as you are interested in buying.
  • Always opt for professional and legal advice from a solicitor and, in most of the scenarios it is good to have a chartered surveyor.
  • Make the necessary financial arrangements to make sure you can have the 10 percent deposit all set for payment on the auction day, while the agreements are signed and access to the pending 90 percent within the next 28 days.

Ensure that you are aware of the fact that purchasing a property at an auction is a legal binding pledge that carries similar legal implications as a signed agreement does.

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