When you attend a property auction you will find properties there which are for residential and commercial purposes. Property auctions provide opportunities to purchasers who are interested in buying either for investment or other purposes.
Property auctions are usually conducted to achieve a quick sale.
If you are buying a property at an auction you need to make a decision on where you want to buy a property and how much money you wish to spend. When you have this information you are then ready to attend the auction.
However, you should always remember that, if you buy a property at a property auction, you are given only 28 days to complete the purchase process.
Before bidding for a property at an auction you need to check the following points:
o Be registered with auctioneers and get a catalog from them for their forthcoming property auctions.
o Check the property auction guide prices provided in the catalogs.
o If possible always check out the property beforehand before you put a bid in at the auction.
o Hire a solicitor so that you receive proper legal guidance from the very beginning and don't face any problems later on.
o Be aware about all the special conditions of sale at the property auction.
o Try to attain a surveyor's report before bidding at the property auction.
If you do not wish to attend the auction personally then you have three options in which to bid:
o Appoint someone to attend for you maybe your friend or solicitor, they can then bid on your behalf, but make sure you inform the Property Auctioneer in writing about this beforehand.
o Bids can be made over the phone, but for this option you need to make arrangements with the Auctioneer in advance.
o The last option you have is to bid by proxy. If you choose to do this you will have to register your highest bid with the Auctioneer. You will usually have to put down a deposit of 10% to do this.
Buying a property at an auction can be expensive; therefore if you are short of finance you can use bridging finance.
If you require a bridging loan, it is advisable to get the loan amount approved in advance and not wait until the day of the auction. Principal lenders will provide fast bridging loans within a day or two after your application for the loan. For the fast approval of the loans, you need to provide all the necessary documents along with the application.
Bridging loans are loans which are secured against a property, and are normally a short term fix, and therefore the repayment time is usually between one - twelve months.
Bridging Companies can easily be found on the internet and it is preferable to use a Principal Lender. Loans can be obtained by contacting these companies who will guide you through their easy and quick paperwork in order that you can complete your purchase.
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