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Auction and properties

Auction properties: where can I get advice on buying auction properties?

Asked on Sep 1 2018, General in Norfolk | Report content

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  • Hello, Buying at auction can be an excellent way to pick up a bargain-priced property, but you should be aware of a number of pitfalls: - The condition of the property - there may be underlying issues that will only appear after the sale has completed, in which case you will not be able to turn back. For this reason, see if you can get a survey undertaken (although it can be tricky). If not try and take a competent builder / tradesman around the property with you; - A lot (but not all) auction properties are 'tainted'. Make sure you do your research; - Legal issues (restrictive covenants, negative easements, other third-party consents, ransom strips etc.). Ask a solicitor to go through the legal pack with a fine tooth comb; - Check against Land Registry sold prices. The are a number of auction houses offering properties where the discount is not particularly pronounced after doing some research; - Related to the above point, have a maximum price and don't get caught up in the moment (and end up paying too much); - Remember the guide price is usually an 'enticer' and auction properties usually get sold for higher (unless the market is cold); - Make sure you have your finances in place. When the hammer falls, you have effectively exchanged on the property. If you pull out, you could lose the minimum 10% deposit. It may be a good idea for you to attend a few auctions as an observer so you can see how the process works. There are also online auctions and 'modern methods of auctions' (best described as a combination of estate agents and online auction platforms) that may be worth exploring. Thanks, Ruban

    Answered on Sep 3 2018, Report content

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