Why Buy at Auction

Everybody likes the chance of a bargain, and auctions are a great place to get a deal. TV programmes, such as Homes under the Hammer, demonstrate why the public is attracted to the auction process.

Once the auction ends, the property is yours. There is nobody backing out of the deal, no risk of gazumping, or the chain collapsing. You avoid the uncertainty that you would get through an estate agent, and the property will be yours within 28 days of purchase.

Buying a house could not be quicker! Knowing a fixed timescale since the beginning, you will be completing within 28 days of the auction. You know how long you will have to carry out any inspections or paperwork, with no risk of missing out of the purchase.

Most of the time the lots up for auction offer the prospect of adding value to the property. This could be through improvements, change of use or conversion to suit your requirements. This can help to generate higher resale profits, and for buyers looking for these types of property, auction is the best option.

Property Auction Hub, along with sellers’ solicitors, aim to provide all relevant documentation prior to auction. This includes information such as searches, title deeds, leases for tenanted property, as well as any relevant planning permissions. Legal packs are published online and are made available to download free of charge.

There is an equal opportunity when buying at auction, everyone has their opportunity to place their bids, rather than a first come first served environment which is the norm within estate agents. However, if you are very keen on a particular lot, you can put in a pre-auction bid, which would need to be very strong and at a level that might not be reached with competitive bidding in the auction room.

You only need to stay one bid ahead of your competitors and reach the reserve price to be undefeated. When bidding against other interested parties, you gain the reassurance that others share the same opinion of the value, and you can also be in with the chance of having the winning bid at a far lower price than you anticipated. Often lower than you would have paid by other means such as buying through an estate agent. You can even add in a maximum offer and let the computer automatically bid for you. These maximums can be changed during the auction if you wish to go higher than originally anticipated.

If you are a property investor looking for buy to let houses, we sell a large number of tenanted stock, which mean you will start to receive rental income right from the day of legal completion. All the legal benefits of the tenancy agreement will pass over to you along with the responsibilities.