o you want to invest in yellow pages or searching on
profitable property or Google or Yahoo.
simply buy a new home at a
bargain price? If so, you want to Another good tip is to keep an
consider property auctions. eye out for For Sale signs
outside homes. Where the board
Properties sold at auction are says 'for sale by auction', call
often owned by mortgage lenders the telephone number provided.
after repossessions, former You will either get through to an
council / housing association estate agent acting on behalf of
homes or have being empty for the auction house, or you will
some time after the owner passed get through to the auction house
away. directly.
In each case, the owner has put If you get through to an estate
the property on auction for a agent, ask them for the contact
quick sale and this can lead to details of the auction house. The
some great deals on the market estate agent may be reluctant to
value. do this, so it is worth being
persistent.
Finding an auction
Once you are able to make contact
As auctions tend to cater for with the auction house, ask to be
property professionals, rather put on their mailing list.
than the general public, Although there is likely to be
advertising and awareness of charge for this, you will begin
auction houses is limited. to receive details of properties
due for sale.
A good place to start is looking
through the telephone directory, Before you bid
Having identified the property Set yourself a price limit, but
that you want to buy, you will do not get carried away and bid
need to arrange finance. For most beyond it. Having had a valuation
people this will mean approaching done, you will have a good idea
a mortgage lender and it is of the market value and should
important to do this in advance not go above the amount agreed
of the auction. with your mortgage lender.
Remember once you win a bid, you If your bid is successful, you
are legally bound to purchase the will be legally bound to purchase
property and you need to be able the property and will need to put
to pay within a set number of down a 10% deposit of the
days. property's selling price. You
will be asked to sign a contract,
The mortgage lender will require which you would have seen before
a basic valuation of the the auction and the seller will
property, but it is advisable to be legally bound to complete on
invest in a full survey as the the day.
property may be at auction due to
structural problems, which the Finally you will need to pay the
basic survey would not pick up. remainder of the selling price
within an agreed period, such as
Before bidding for your desired 28 days.
property, you may want to attend
a few auctions to get a better Congratulations, you have just
idea of the experience. picked up an auction deal.
Winning your bid
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Source: www.isnare.com
