Whether you are selling a home and trying to buy one, we make it our aim to ensure the process is as smooth, quick, and efficient and possible. Here we let you in to know everything you need to know about property auctions.
We pride ourselves in providing our customers with an exceptional service, especially our dedication and hard work with regards to property auctions. But to begin, you need to know the basics – what actually is a property auction, and what happens at one? Let us break it down for you.
What is a property auction?
A property auction happens at a property house – where you can browse their website prior to the auction or download their property catalogue and see how that house operates and what properties or going to auction. They’ll also give you information on the average going price, photos and details on the condition of the property.
As you would assume, it’s where you compete in a bidding war with others to purchase a property.
Should you win the auction, you are required to pay 10% of the sum up front that day (this acts as a deposit) and the remaining 90% within 2 days of auction. Should you fail to make the payment, you unfortunately lose your deposit and the house will more than likely go back to auction. So if you do miss out on an auction, not all hope is lost.
What are the benefits of a property auction?
Usually, the waiting period is short – when compared to buying or selling a property the ‘traditional’ way with property conveyancers. The method aids both investors and also those wanting a home to live in.
If you are selling your property at auction, the internet and the general announcement over the net stating there is an auction can open up a host of new buyers and interested parties – which will only drive up your property price and looks more likely to sell.
Without even doing anything, you suddenly have a bigger audience than before, and if you have a skilled conveyancing solicitor by your side, buying a house has never been quicker or easier.
How does a property auction work?
The most important thing to remember, much like with any auction, is to never rush in and stick to your guns. That means if you have a budget, stick to it and don’t start to bluff because there is some heavy competition. Additionally, have a plan. Know the property you want (and visit it if you have the chance) – do you have a bidding strategy and do you have a backup plan should you not win at auction?
Meeting with a property solicitor who has experience in this field can not only tell you everything you need to be aware of, but answer any additional questions and put you at ease.
But for the best experience, it’s best to actually attend one in your local area before getting stuck in yourself.
If you are interested in buying or selling your home through a property auction and want some guidance, help, information or advice – feel free to contact us today and we can talk you through the property auction process.