Buying Properties At Auctions And Having Them Cleared
Posted on 17 September 2016
The amount of people buying at auctions is growing year on year, and there are a number of reasons for this. Not only is buying at auction an excellent way of securing yourself a bargain and saving yourself lots of money, but the process involved with buying at auction is much quicker and far less problematic that a standard home buying process is. Once you have attended the auction and secured your property you can be sure that it will be yours within 28 day of the auction date.
Buying at auction is not at all glamorous, however, most of the properties available at auctions are things like repossessed homes, in which case the previous owners may have left the property in a right state leaving you lots of sorting and clearing to do.
The process involved with buying at auction is not a difficult one once you are familiar with it. The main thing that you can do to help yourself understand auctions and the processes and terminology involved is to attend a few auctions as a viewer and nothing more, speak to people that you meet there, especially people who have bought at an auction before and ask them questions. When you feel like you are comfortable with the way auctions are run, you should decide which auction it is you would like to attend and get a catalogue for that specific auction, this catalogue will list all of the properties that are being auctioned off on that day and give you details and photographs of the property.
When you are going through the catalogue highlight your favourite properties and arrange viewings on them, see if any of these properties fit the idea of what it is you are looking for. If there is a property that you like and want to bid on then there are a couple of things that you need to do prior to the auction date. The first is to appoint a solicitor to do all the legal work for you, the second is to apply for a mortgage (unless of course you are lucky enough to have the money available to purchase the property outright), and the third is you must ensure that you have a deposit available to you to secure the property on auction date if you successfully win the property. Before you attend the auction decide how much money you are willing to spend on the property, include all solicitors fees etc. and give yourself a budget to keep within.
It is worth noting here that if a property is listed in the catalogue as “unless previously sold” it means that the seller is happy to accept offers and may even sell the property before the auction date, if the property you are interested in has this noted next to it, why not put in an offer now rather than wait for auction date.
Once you have secured the property, got the keys and officially own the property, you need to start thinking about clearing the home of its entire contents and giving it a thorough clean. You may choose to do this yourself if you have the time available and don’t mind doing all of the work, however, if you live far from the property or cannot spare the hours required to clear the property yourself, you should consider hiring a house clearance company. These companies are becoming increasingly popular, and are able to offer a range of services, furthermore, they can complete the house clearance much quicker than you would be able to do it yourself.