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Auctions
Comments
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You need to get all your survey work and mortgage arranging done in advance. Once you win the auction, you are already at the point of having exchanged contracts, and you need to put down a 10% deposit on the day, with completion in 28 days. So, you have to line everything up before the day of the auction, which can be quite expensive (solicitor's fees/valuer's fees/mortgage arrangement fees), and it may puts you under some pressure to win the lot, perhaps bidding too much.
Also, there's often not much time to arrange all this before the auction.No reliance should be placed on the above! Absolutely none, do you hear?0 -
As already said,some people sell at auctions in the hope that someone will buy their dodgy house and not have time or common sense to get a survey.
The auctioneer has to state any problems with a property that he knows about before it is sold. The only way the seller would get away with that is if the auctioneers don't know about the problems. Which isn't easy considering they will be inspecting the property.
I work for a property auction company by the way
Just because you made a mistake doesn't mean you are a mistake.0 -
Really? That surprises me.The auctioneer has to state any problems with a property that he knows about before it is sold. The only way the seller would get away with that is if the auctioneers don't know about the problems. Which isn't easy considering they will be inspecting the property.
I work for a property auction company by the way
Often on HutH the presenter will spot issues and the new owner will have no idea. Structural stuff even.0
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