04/04/2022
#1 Property Auctions London
Buying a Property At Auction.
In this article we discuss the process of purchasing a property at auction.
First of all, look at the brochure from the auctioneers such as auction house London. This could be an online or physical brochure.
Then inspect the property and consider a survey in advance of the auction. If you are using a contractor to perform the construction works, then take them along as well.
Once you are happy with the property, the value, and costs in advance of the auction, then attend the auction with an idea of the maximum price you can pay for the property.
Get a quote from us in advance of the auction to understand the Bridging Loan costs. This will allow you to factor in these costs into the budget.
When you win the bid in the room, that is an exchange of contracts. You will need to complete the transition within 4 weeks of exchange.
This is why property purchasers at auction use bridging loans as they are fast and have non status lending capabilities.
You are legally bound to purchase the property or you risk losing your 10% deposit from exchange and are at risk of being sued for not completing the contract.
If you are purchasing a property at auction in London then be sure to check with us for funding.
#2 Why you should use it
Purchasing a property at auction is an efficient way of purchasing a property. You don't have to spend time, perhaps spending many months using search portals or speaking with Estate Agents. Or dealing with sellers who are not serious.
#3 Who is it for
For people who want to avoid the private treaty method of selling a property. In fact, on occasion we have recommended that clients sell their property in an auction room instead of taking a bridging loan.
