Get started for a Property Auction

  • by Mike Arnold
  • Published on 5/19/08
  • Article views: 90
Your Ad Here

House rates are rising relentlessly and in the popular areas, homes are frequently under contract by the time estate agent's board goes up. So home buyers are looking for other sources than the local estate agents. Roughly 30,000 properties are being sold at auction in the UK each year - many at up to 40% less high street prices. Auction firms will usually focus on unusual and hard-to-value premises such as churches and village halls, as well as terrain and other commercial lots with potential for change to housing use. Cinderella properties in need of repair are often sold though these auctions. For this reason you might find yourself competing against the professional property developers.

So buying at auction requires very careful planning, awareness to detail and also nerves of steel. If you are victorious then the payment can be a dream house at a much affordable price - but except you do careful foundation that promise the auction bargain then it could turn out to be an expensive under-the-hammer horror. So it is worth to recall that some apparently gorgeous properties go to auction since they have some hidden extras like dry rot or strict planning restrictions.

How to get started

Nearly 200 companies are running residential property auctions each year in the UK. It is said that the demand for all sort of property at an auction is extremely very strong, and there is always a well-established advertise for houses and flats requiring renovation.

Most of the auctioneers will send catalogues for approaching auctions up to a month in advance. The property is usually advertised for three weeks before the auction day, during this time you can view it by arrangement. So this is the right time to make a methodical examination of the property and essentially the surrounding areas, to make it sure that it is suitable. If you make a decision to take the thrust, then let the auction house know that you are a serious candidate, so it can help to keep you informed of any further developments. Now it is also the time to have the assets surveyed, and to get a solicitor in order to check the designation to the property and to arrange the necessary finance. The winning buyer would probably be expected to finalize the purchase within 28 days of the sale. You should also be arranged to insure the property from the instant the gavel sounds.

Set your highest bid

Estimate the entire costs of repairs, legal and surveying fees, decorating, removals, mortgage and any other type of expenses and then work out how much you are equipped to bid. Always keep in mind that the buyers premium would add up another 1.5 per cent or so to the selling price, and you should also have to pay stamp duty on top in addition.

The pre-sale price estimate is often wildly under the final sales price to tempt buyers to the auction. This can fluctuate throughout the pre-sale period so always try to keep in touch with the auction agent for regular update. The direct price that is usually set on auction day is usually within 15 per cent of the set aside price, which is the least minimum price that the owner will accept.

Mike Arnold is a seo copywriter for http://www.propertyauctionzone.com .He has written many articles in various topics like UK Property auctions, Property auctioneers, Property auction, UK Auction List. For more information visit our site. Contact him at mike.arnoldseo@gmail.com

Bookmark it: Digg this! Add to Del.icio.us Furl this! Add to Stumbleupon Add to Facebook

Rate this article:

More Articles

  • Private House Sales - Be part of the Online Revolution
    UK estate agents are not a particularly loved bunch. There remains a belief that many abuse their position because people have no option but to deal with them when buying or selling property.
  • Get started for a Property Auction
    House rates are rising relentlessly and in the popular areas, homes are frequently under contract by the time estate agent's board goes up. So home buyers are looking for other sources than the local estate agents.
  • Boom in Dubai Property Investment
    Experts speculate that the population of Dubai will be doubled in 2010. This will turn Dubai into one of the world's hottest destinations for expatriates and holidaymakers alike and this just bodes so exceptionally well for property investors.
  • Changing Pattern of California Real Estate Market
    In California, the real estate investment market is in flux, creating opportunities for the swift real estate investors. While the traditional residential real estate market is in doldrums, there are sectors that will double and perhaps quadruple in the next ten years.
  • Property Auctions Encloses Seized Property
    Seized property auctions takes place when the property is seized by the government with regards to the crimes made by the particular person. Seized property auctions property takes place, when people make crimes then the government seizes the property and it will be listed for auction in property auction.
  • Malta Real Estate Value Increase Highest In Europe
    Malta has seen her properties values rise by more than any other EU country, and theres no sign of a slow down for the years ahead.
  • Monaco - New Magnet For Rich Brits
    A tax haven and the ultimate European travel destination for the wealthy, Monaco property prices have always been among the highest in the world. An influx of British buyers is helping to push Monaco property prices higher still.
  • Property Auctions Encloses Seized Property
    Seized property auctions takes place when the property is seized by the government with regards to the crimes made by the particular person. Seized property auctions property takes place, when people make crimes then the government seizes the property and it will be listed for auction in property auction.
  • Importance of Real Estate Training
    Is Real estate training necessary? Yes, for any person who is seeking for a big money in a very short span of time in real estate training is necessary. It gives the basic information and tools you require to explode your profit with confirmed results.
  • Tips to sell your House Fast
    Market condition may be good or bad, people would certainly want to sell house for fast and for maximum possible money. Many sellers do fail to achieve these desired aims as they do not invest the open time and effort to make their house to be that all it could actually be.
  • The Mysteries of SEO
    SEO, or search engine optimization, is the most important element in building a successful website. Most people online have heard the term SEO and have some idea of what is involved yet it remains a mysterious process to many.
  • How can Your SEO Keywords make Money?
    As you likely know by now, there is a big difference between effective, quality website content, and search engine optimized (SEO) website content that will obtain the highest ranks in search engines and directories such as Google, Yahoo!, and MSN.
  • How to write your first Ebook?
    One of the most excellent ways to build your online income is by writing and distributing Ebooks. Ebooks can be a very helpful tool for marketing your business and they can also be big money makers.
  • Top 10 Photo Recovery Tips
    Perhaps you have a capacious memory card. Maybe you simply trust the technology of your latest digital gizmo to forever shield your data from harm.
  • 3 Rules to Follow in Your Logo Design
    When designing your own logo or getting it done by logo design professionals, ensure the following three basic rules and you will have a great and memorable corporate identity.
  • Reiki and how it can help you Heal
    Reiki is a valuable healing tool which involves the practitioner placing his or her hands on the client without actually manipulating the body in any way. This makes Reiki an ideal healing tool for people who suffer from all kinds of conditions, both physical and emotional. This article discusses what is involved in a Reiki session and what training a Reiki practitioner undergoes.
  • A History of Vintage Automobiles - From 1916 to 1924
    Before cars were around, people usually traveled distances using horse-drawn carriages. But as early as 1335 several bright minds have been trying to come up with a 'horseless carriage'.
  • Common mistakes before starting a website
    If you want your website to be a big hit then you need to avoid some common mistakes before starting one. Here you have a list of pitfalls that are designed for beginner and for many established ones too. Check out the common mistakes that have to be avoided for sure!
  • How to Create a MySpace Layout
    Creating a MySpace layout might seem tricky when you think about it but it is actually pretty easy. Here's a few steps that will help you in designing myspace templates.
  • Ecommerce Checkout - Make Them Register
    The world of ecommerce is expanding daily as more and more retailers take their business to the web in the hopes of attracting a percentage of those ever finicky web shoppers. As the amount of businesses open up ecommerce shops online, the amount of web development companies is also growing, offering ecommerce solutions for even the smallest of budgets. It is important that web developers understand the dynamics of the checkout process when discussing the options with the client.


The opinions expressed in the above articles are solely of the authors and the owners of Point Articles may or may not agree with them. Copyright (c) 2008 Point Articles. All rights reserved.