Auction Property

If you plan to buy and flip a property bought at auction, then it's important that you have allocated a realistic budget for any repair or alteration work needed. Once you have decided which auction house you will visit, then you can either request a catalogue or/and subscribe to their mailing list.

This will allow you to search for property and find what you plan to bid on before the big day. It will also give you the opportunity to arrange a viewing(s) that you are interested in and conduct local market research to determine how much you should be prepared to bid. It's also recommended that you carry out searches at this stage too.

Auction Property CASE STUDY:

We recently purchased a property with a market valuation of £250,000 for £157,000. The property was being sold via auction by a major UK receiver.

Auction property is often considered by many to be 'bargains' or 'hidden gems' that ordinarily wouldn't or couldn't be picked up on the high street in the estate agents window. As such, auction property and property auctions have become very much a loved and appreciated culture in our society today.

There a few rules to observe though when attending an auction to bid on auction property; many veterans of the auction room floor will tell you that it's not for the faint hearted. It's important to stay within your budget and not get so involved that you overstretch your finances. You should also know what type of property you plan to bid on; the variety of auction property available will undoubtedly include commercial, local authority and repossessed along with the traditional 'private' house / home sale.

So, get a catalogue prior to the start of the event, don't get caught up in the moment, know your financial limits and have a good understanding of exactly what you plan to bid on. All in all auction property have a greater upside than down, but remember, you can always attend an auction and simply spectate; there is no pressure to buy auction property - so feel free to sit back, relax and enjoy the show before you feel the need to dive in. Auction property will be around for a long time to come - so don't buy auction property in haste only to repent at your leisure.