CLICK HERE FOR YOUR FREE ASSESSMENT NEXT NETWORKING EVENT BOOK CONTACT US LEARN MORE
  • May

    8

    2018
  • 167
  • 0
Buying at auction

Buying at auction

Buying at auction is just one way to buy a property, could it be a potential way for you?

Auctions can be very exciting, buying at auction opens up a lot more potential investment opportunities. So why don’t more of us go and buy at auction? Because for someone who doesn’t know what they are doing it can be terrifying and extremely costly.

So let’s try and bust a couple of common misconceptions about auctions:

  1. That properties sold at auction are either repossessed properties or problem properties – totally not the case
  2. That you have to be a cash buyer – 30% of people at auctions are there for the first time and don’t use just cash to purchase

There are of course plenty of other ways to invest in property so here is a list of pros and cons of buying at auction so then you can decide which is the best option for you:

PROs-

  1. Certainty & Speed
  2. Transparency
  3. Fairness
  4. Straightforward process
  5. Greater choice of properties
  6. Choices of ways to bid

CONs –

  1. Less time for surveyors & solicitors
  2. Being ready with your financials
  3. Its easy to go over budget

But remember auctions aren’t just for the experts, over the past decade they’ve become increasingly popular with buyers who want to avoid the traditional house buying chain. At an auction, the sale is agreed then and there so there’s no risk of everything falling through at the last minute. Auctions are a great way to avoid lengthy and uncertain buying procedures – but be warned: as soon as the hammer falls you’re locked into paying, so be prepared.

There are so many factors to consider when buying at auction so before you go ahead and do this please make sure you have done your due diligence on how to buy at an auction and what to expect, the property and the auction house and their procedures.

LEAVE A COMMENT

You comment will be published within 24 hours.

Cancel reply

COST CALCULATOR

Use our form to estimate the initial cost of renovation or installation.

REQUEST A QUOTE
Latest Posts
Most Viewed
Text Widget

Here is a text widget settings ipsum lore tora dolor sit amet velum. Maecenas est velum, gravida Vehicula Dolor

Tags

© Copyright 2017 Smart Core Wealth. All Rights Reserved.