Auction Houses

kau_pandya

Dear All

I am new in this forum. This is my first post...I would be grateful if someone can help mein order to get information...I am first time buyer...I am looking for auctioned properties to buy in CR7 area. I wonder if someone can give me information about auctioned properties and how it works....

Thanks
Kaus.

Anew

We found our local auctions in the property news which comes free with a local paper or is readily available in estate agents for no cost.

We didn't see anything we liked but the process was very interesting with some very happy - but many more disapointed people.

We might have had a one off - but it seemed to me that developers were there en masse and bidding on everything in the hope of getting a bargain - which is all fair enough - but there were FTB's and couples who did not stand a chance which was a bit of a shame - but I guess that's life. Out of the 8 places up for auction one guy bought three - another guy bought two and really I think only a couple went to genuine folk looking for a home - not an investment. So I guess be prepared for that.

Nosht

Unless you are a cash buyer you must have the mortgage agreed in place before buying & also a 10% deposit.

Regards,

N.

P.S. Also inspect the premises beforehand as there is no comeback after the sale.

PasturesNew

When you buy at auction, you'll need to hand over the deposit immediately - and - pay auction fees.

Then you need to already have your mortgage in place, which will mean having paid out for a survey etc ahead of the auction.

Once you're successful in auction, you'll need to complete usually within 28 days, sometimes in 14. Your mortgage company and solicitor need to have been briefed about this ahead of time so they're ready for a really, really, fast completion.

Also, read the legal pack, you might be taking on some unknown debt, paying the seller's fees, or there might be other nasties in there.

Good luck!

g_attrill

Anew wrote: »

We might have had a one off - but it seemed to me that developers were there en masse and bidding on everything in the hope of getting a bargain - which is all fair enough - but there were FTB's and couples who did not stand a chance which was a bit of a shame - but I guess that's life. Out of the 8 places up for auction one guy bought three - another guy bought two and really I think only a couple went to genuine folk looking for a home - not an investment. So I guess be prepared for that.

It's easy to buy a property at auction though - you just need to bid more than everybody else!

A developer is not going to buy unless it was a good deal, so in those cases surely the other buyers had unrealistic expectations of the actual final sale prices? If it was a bargain for the developer it would be a bargain for the other buyers. Obvously the advantage for the developer is they will be able to renovate it more cheaply though, if that sort of work is required.