If your bid is successful, there are no more waits, counter offers, gazumping or long chains delaying the process. You can sign the formal contract and pay the deposit on the same day.
The key – Transparency
Total transparency ensures that you know what exactly you are buying. Legal packs for every property up for auction are available to view, download and go through just as the catalogue is out. This also speeds up and eases the whole process once you have purchased the property.
Everything out there
Whether it is house, flat, office or commercial space, or plots of land of varying shapes and sizes, everything is available at these auctions. Other properties at commercial property auctions include any other property you could think of, such as lavatories, garages, water towers, former public lavatories and alleyways etc.
Variety of paying options available
Sort out your application in advance and a number of mortgage providers will consider lending on properties in need of modernisation or refurbishment. Bridging loans are another short-term funding option if you are facing a gap between the sale and completion dates.
You can establish market value
Councils, charities and mortgage lenders often sell properties at auction because they believe it is a fair and open way of determining market value. You can also buy property that has not been around for significant period of time.
Level playing field
All competing parties at an auction are in the same boat and usually the same room. Everything is open and events unfold the same way for all. So, everything is fair and there is no scope for biases. You have just an equal opportunity to bid on the lot of your choice.
Chances of a good deal are real high
Some of the properties come with no or very low reserve prices. If you get lucky on the day and face little competition, it could really be your day.
The adrenalines rush and thrill of bidding for a property is often a great experience, especially if you win. Even if you are outbid, losing after a few minutes’ work is often preferable to a deal falling through after weeks or sometimes months of negotiating.
You can do it from home
If bidding in the auction room sounds more stressful than fun, you can buy a property sitting at your home. A number of options such as phone bids, online bids and proxy bids are available and you don’t have to miss out on the action.
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.