Residential property auctions

These are now relatively common in the United Kingdom. You can find out about property auctions by getting in touch with your local auctioneer who will then send you an auction property catalogue. Simply turning up at an auction is not advisable though as there is a good chance that there will be a number of shrewd  property purchasers at the auction. It is always recommended you attend a dry run auction where you do not purchase anything that allows you to take in the atmosphere and processes of the auction hall. Make sure if you are interested in certain properties that you also research the local market to ensure you have a good idea on price.

The procedure of many auction hall’s is standard and so once the bidding starts, bid amounts tend to go up in £5,000 incremental amounts. Always be wary of getting in to a budding frenzy and never pay over the odds for a property. Always pre plan what you are going to bid on and do not make any snap decisions – sometimes properties will be sneaked into an auction, with the seller hoping that any faults will not be picked up. As a result you should work out how much you can afford to spend, factoring in any additional work which may needed on the property you buy.

Auction Property Purchase advantages include the shear Excitement! A fairly unconventional process (although are we not all used to Ebay by now?!) that can enable you to pick up a property bargain. Auction Property Purchase disadvantages can include the possibility of convincing yourself to buy a property which is not right for you.