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Reasons for buying a property at auction

by Jonathan Adams

1. Single-day work

It can be a one-day job when buying a property at London property auctions and saves much effort, time and energy. There will not be long processes holding up the deal once your bid is successful. It is quick, easy and at the spot. You will be handed over a formal contract and required to deposit the amount on the same day. You should go to the venue prepared so that you are able to pay in case you emerge successful at London property auctions. As a result of the outcome, you are saved of counter offers and other hurdles that come your way when going through the traditional process of buying.

2. Totally transparent process

You will know the property exactly before you buy. This is possible as legal packs are available for every property that is up for sale just as the catalogue is out. It enables you to browse through the property and know the ins and outs of the property. You can get familiar with the property before actually visiting the property auction hall. The conveyance process is also speeded up once you buy the property.

3. The process is for all types of properties

It does not matter what kind of property you are looking for. It is not limited to buying houses only. You can buy practically any property that you can think of. Whether it is a garage, shop, commercial property, offices, alleyways, land or anything else – you can find all of them under the hammer.

4. Don’t have cash? You can still buy

You can rely on loans that are offered by the mortgage providers. Another option is the bridging loan which is a short term option. The bridging loans assist you if you are short of cash after you are successful. You can avail this loan for fulfilling the gap between the sale and completion dates.

5. Determining the market value

Buying a property through an auction determines the market value of the property in a fair way. It is believed to be an open and fair way for conducting deals in a short, transparent and easy way. Properties listed on the auction websites also include those not been on the market for long periods of time.

6. Equal opportunity for all

Buying a property through an auction is done with equality. It is an unbiased process in which all the players have equal opportunities. You can bid just as you want, with no exceptions. Everything happens in the room only.

7. Expect a good deal

Some of the properties come with no or very low reserve prices. Depending upon the situation on the day, you can have a prize catch.

9. Do it from home!

It does not get better as you can do it from home. It is for those who want to avoid the hassles of visiting the crowded and noisy auction rooms. You can bid using phone, the Internet and proxy bids.

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.

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