Game Theory, Nobel Prize & Auctions - Auction Primer Series – Part 1 The Auction Primer Series is a group of articles to help further educate sellers about auctions; their history, strategies for use, and provide a comparison of various auction sites and types. In Part 1, we look at the more common type of auctions in use ... Internet Auction Sites : Find Good Deals on Almost Anything You can find good deals on almost everything you need on internet auction sites. There is almost nothing that you can’t find over the internet. You can find great deals on Avon collectables, collectable toys, sports memorabilia, or anything else that you ... Performing Auction Item Research Auction Research If you are selling on an auction site, you have probably tried to find the most popular and profitable selling items. As you know, research can take hours upon hours of your valuable time. Wouldn't it be great if there was a service that ...
How to buy bargain property at auction
Properties sold at auction are often owned by mortgage lenders after repossessions, former council / housing association homes or have being empty for some time after the owner passed away. In each case, the owner has put the property on auction for a quick sale and this can lead to some great deals on the market value. Finding an auction As auctions tend to cater for property professionals, rather than the general public, advertising and awareness of auction houses is limited. A good place to start is looking through the telephone directory, yellow pages or searching on Google or Yahoo. Another good tip is to keep an eye out for For Sale signs outside homes. Where the board says 'for sale by auction', call the telephone number provided. You will either get through to an estate agent acting on behalf of the auction house, or you will get through to the auction house directly. If you get through to an estate agent, ask them for the contact details of the auction house. The estate agent may be reluctant to do this, so it is worth being persistent. Once you are able to make contact with the auction house, ask to be put on their mailing list. Although there is likely to be charge for this, you will begin to receive details of properties due for sale. Before you bid Having identified the property that you want to buy, you will need to arrange finance. For most people this will mean approaching a
mortgage lender and it is important to do this in advance of the auction. Remember once you win a bid, you are legally bound to purchase the property and you need to be able to pay within a set number of days. The mortgage lender will require a basic valuation of the property, but it is advisable to invest in a full survey as the property may be at auction due to structural problems, which the basic survey would not pick up. Before bidding for your desired property, you may want to attend a few auctions to get a better idea of the experience. Winning your bid Set yourself a price limit, but do not get carried away and bid beyond it. Having had a valuation done, you will have a good idea of the market value and should not go above the amount agreed with your mortgage lender. If your bid is successful, you will be legally bound to purchase the property and will need to put down a 10% deposit of the property's selling price. You will be asked to sign a contract, which you would have seen before the auction and the seller will be legally bound to complete on the day. Finally you will need to pay the remainder of the selling price within an agreed period, such as 28 days. Congratulations, you have just picked up an auction deal. About the Author Don Suter is Managing Editor of the UK Property Portal (http://www.ukpropertyportal.co.uk), an online directory for UK property sales, rental, surveyors, mortgages, conveyancing, property insurance, removals, news, investment and development.
