Homes Under The Hammer: Martin Roberts shares when buyers should never bid on a property
HOMES UNDER THE HAMMER presenter Martin Roberts has often shared property tips with viewers over the years. For those looking to head to auction and bid for a property, Martin has revealed the common mistakes buyers make when they head to auction.
Homes Under the Hammer sees property experts like Martin Roberts head into sometimes dilapidated houses across the country before they go to auction. Before they head to auction, Martin often shares his thoughts on how much work would need doing, how much it would cost and what potential a property has. Once the property is sold at auction, Martin is often seen checking in on the buyer later down the line to see if they’ve stuck to their budget and whether the renovation project is going smoothly.
While many may be afraid of heading to auction and bidding on a property, Martin has said it's actually the “quickest and easiest routes” to buying a house.
Martin said “not enough people buy property at auction” and that there are plenty of bargains out there for people to bid on.
However, he also warned “not all auction properties” are bargains. “But there are bargains at auction. You’ve got to be really careful,” he explained.
Martin’s main tip for house buyers was “do your research”.
He explained house buyers should not expect a bargain just because they’re going to auction.
“The only way to really know if you’re getting a bargain is to look at what’s out there."
“Similar properties, how much they’re selling for, and then do your research.”
He added: “Then you’ve got to go and visit the property beforehand. You can’t know what a property is like until you've seen it.”
The property expert warned that until you’ve seen the house or building you don’t know whether it’s under a flight path or has the “neighbours from hell”.
“It could have all sorts of issues which you can’t see from an auction catalogue.”
Martin’s other main tip was to read the legal pack that comes with the property.
The legal pack contains everything you need to know about the property such as rights of way, covenants and lease length among other things.
Bidders could read the legal pack or get the pack read by someone “who knows what they’re talking about”.
Martin’s final tip was regarding house buyers’ finances. He said before going to auction, buyers need to have their finances in place.
“You can’t go to the auction and think ‘Oh I’ll buy that’ and then try and work out your finances.
“If you haven’t got the money or you can’t get the money for sure, don’t bid.
“Because you haven’t got very much time once the hammer goes down, you’ve got a maximum of 28 days to sort out the finances.”
If house buyers go to an auction without the finances in place, Martin said bidders are setting themselves up for a “massive fall”.
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