Discover a new way to buy properties at a discount. One main advantage with action properties is that you can bid for properties that you won’t necessarily find via an estate agent. Predominantly, we can buy residential, commercial and mixed-use properties, and we can also bid on land and ground rents.With auctioned properties, you are likely to find a bargain property being sold by mortgage providers looking to offload a repossession or by executors wanting a quick sale.
- There’s no doubt that an auction is the fastest sales process around. It’s quick and efficient and that’s what makes it attractive
- You might find a great deal; whether it's an undervalued home with planning permission or a big renovation project, you could find a bargain at a property auction.
- Set your own price and establish a value-creating honesty of the transaction
- You are in control at an auction. You decide when to bid and how much to bid – how high or low you want to go
- There is the certainty of knowing what you’re getting
- The vendor offers a guide price or reserve price
- The bidding is upwards only
- As soon as the hammer falls the contract is binding and contracts are signed at the sale
- It can be the best option if the vendor needs to sell by a certain date
- You can move quickly: the entire home-buying process should be completed within a set number of days (often 28) after the auction.
- Property auctions can be a more reliable way to buy
Few points to be mindful about.
- You could be outbid: if someone bids higher than you, you'll have lost time and money viewing the property and having a survey conducted.
- You need to have the money ready: if you win the auction, you'll have to pay a deposit on the day, and will only have a set number of days after that to pay the total purchase price to the seller.
- Auctions can be hit and miss: some offer can be a little more than commercial properties and complete wrecks that could be long-term money pits.
House, Flats, Investment