Adrenaline can run very high in the auction houses and before you know it, you have shouted a crazy number by the time the hammer falls. It does not feel well when the reality come in that all you wasted huge amount of money on is actually a white elephant (an expensive item that has no actual value). Auction sales may be the easiest, exciting, and cheapest way of purchasing property. You don't have to go through the normal hustle associated with complicated procedures in normal purchasing.
However, just like any other purchasing process, understanding the game, and a little bit of prior research can prove very valuable. The first information you need is the location of the property. This can be available from the magazines, property papers or an inquiry from the local agents can also help.
From this, you decide on the right auctioneers you want to deal with. Take your time to go through their catalogue to see the properties enlisted for auctioning and then narrow down to a property or properties that interest you. This helps avoid the incident of walking into the auction room and bid blindly which leave you with very narrow chances of getting the right bargain.
With the property in mind, contact the auctioneers to arrange for viewing. Some auctioneers have specific viewing days while others allow viewing on any weekday, whichever the case, make sure to capture all the details you need even if it take more than one visits.
Some properties, especially houses, and land are likely to be in a poor state. As such, you need the assistance of a professional for a proper valuation. You should consider taking along a developer, an architect, or any relevant expert in the field to give you more insight.
Once contented with the viewing process, it is necessary that you proceed to conduct a thorough research with the main objective being to compare prices and the condition of other properties available for sale with the local estate agents. This gives you the right picture of the true market value of the property. In order to entice bidders, bidding prices are likely to be lower. This ensures that you bid with the right amount and you don't end up spending too much than necessary.
The other important step is to get your hands on the legal pact so as to understand the legal aspects that can influence the price of the property. This could be covenants or other legal matters and in case some issues are not clear, it is best to bring in your solicitor. The auctioneers should avail the legal pact when you conduct your visits.
Take care of finance issues well in advance and get at least 10% deposit on D-day. On the day, get to the auction house early enough, register and wait for the action to start. When bidding, always remember to have a price ceiling that you must not exceed. It can be very tempting to exceed the target, but it can be costly, just do enough prior research so that you know the right price well in advance.
However, just like any other purchasing process, understanding the game, and a little bit of prior research can prove very valuable. The first information you need is the location of the property. This can be available from the magazines, property papers or an inquiry from the local agents can also help.
From this, you decide on the right auctioneers you want to deal with. Take your time to go through their catalogue to see the properties enlisted for auctioning and then narrow down to a property or properties that interest you. This helps avoid the incident of walking into the auction room and bid blindly which leave you with very narrow chances of getting the right bargain.
With the property in mind, contact the auctioneers to arrange for viewing. Some auctioneers have specific viewing days while others allow viewing on any weekday, whichever the case, make sure to capture all the details you need even if it take more than one visits.
Some properties, especially houses, and land are likely to be in a poor state. As such, you need the assistance of a professional for a proper valuation. You should consider taking along a developer, an architect, or any relevant expert in the field to give you more insight.
Once contented with the viewing process, it is necessary that you proceed to conduct a thorough research with the main objective being to compare prices and the condition of other properties available for sale with the local estate agents. This gives you the right picture of the true market value of the property. In order to entice bidders, bidding prices are likely to be lower. This ensures that you bid with the right amount and you don't end up spending too much than necessary.
The other important step is to get your hands on the legal pact so as to understand the legal aspects that can influence the price of the property. This could be covenants or other legal matters and in case some issues are not clear, it is best to bring in your solicitor. The auctioneers should avail the legal pact when you conduct your visits.
Take care of finance issues well in advance and get at least 10% deposit on D-day. On the day, get to the auction house early enough, register and wait for the action to start. When bidding, always remember to have a price ceiling that you must not exceed. It can be very tempting to exceed the target, but it can be costly, just do enough prior research so that you know the right price well in advance.
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