Property auctions are becoming ever more popular now days. An increasing number of buyers and sellers are thronging the auction halls.
London property auctions
are no exceptions, and they are witnessing experienced as well as first time buyers attending the auction processes.
In fact, buying property at auctions is emerging as one of the best ways to purchase a home. London property auctions are suitable for sellers too, as they can be sure of a fast-paced and transparent process for getting the best deal for their homes. But you must follow certain steps when you visit the auction house for trading property. Make sure that you reach the venue well in advance.
This will enable you to have a feel of the place and the proceedings. It is important to have your seat at a prominent place, preferably at or near the centre, as the auctioneer will be able to be see you better. Make yourself visible. There will be glossy brochures, projectors, big screens and music around and the properties under the hammer will be wide ranging. They may be a garage to a multi-use site. You may also find properties in the brochure which may have been withdrawn from the auction due to various reasons. One of them could be a failure to meet the deadlines.
Generally, residential properties form the bulk of properties. The environment in the hall is casual and full of curiosity. But there is no compromise with the rules governing the auction process. Everyone participating in the auction must bring two types of IDs.
Proper inspection of the properties is done before bidding is made. So, if a bidder succeeds in buying a property, then the buyer is legally bound with a contract. Under the legal obligation, they buyer has to deposit 10% of amount before leaving the site. Once this amount is deposited, the remaining sum must be deposited within 20 days to complete the transaction. Apart from this, buyers can strike deals as well, before the auction begins.
Although, property auctions are not very strange place as they may seem to some, but bidders should know and implement certain things before participating. The prospective bidders should follow certain rules prior to auction which include – inspect the property in detail before the auction process, go through the legal pack carefully and pay attention to every aspect, make sure that finances are ready before proceeding for bidding.
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.