Benefits of buying at auction
There are many benefits of Buying at Auction – some, but not all, will appeal and apply to you. It is by understanding them that the attraction of the Auction process will become clear.
Chance of a Bargain
Auctions really still do offer the chance of a bargain.
Certainty of Success
If your hand is up when the hammer comes down then you will have exchanged contracts and the property will be yours. No one will be able to step in and take it away from you.
Speed
If you want to buy an Auction property the process is quick and easy. There is a fixed, known time-scale at the very beginning – the Auction date is set and the period from then to completion, which is usually 28 days.
No Hidden Surprises
Auction House, in conjunction with sellers’ solicitors, aims to make available all relevant documentation from Searches and Leases on tenanted property through to Planning Permissions and Scheme Layouts for development plans. They should all be easily accessible, and often downloadable from our website.
Level Playing Field
Everyone has an equal chance at Auction, it isn’t a first come, first served arrangement. Most properties entered into Auction are sold under the hammer. That shouldn’t stop you putting in a pre-auction bid if you are very keen on a particular Lot.
Right Property and Right Purpose
You will be interested in a specific Auction property because it is right for you and you will want it for a specific purpose; sometimes for your own occupation or use, other times as a project or an investment. You will already know why you want it.
Competitive Bidding
Often buyers get a property knocked down to them at a price lower than they were willing to bid and, by doing so, will purchase at less than would have been the case by Tender or Invited Offer.
Immediate Tenancy Income
If you buy a tenanted property you will start receiving rental income from the day of legal completion.
Temporary Financing
Nowadays there are specialist short-term lending options available that will enable you to complete with temporary funds, prior to your preferred long-term mortgage being put in place. Auction House is able to introduce you to specialists who work in this field, or to their own in-house Financial Advisor who can set up a conventional mortgage to support your bid.