Homes Under The Hammer
Property Auctions
The adrenaline-fuelled rush of the auction makes it an exciting place to do your shopping, whether it's antiques, cars, or even livestock. But what about bidding for the most important purchase of your life - your home? It's certainly more common than you think. Around 30,000 houses a year are bought at auction - that's 8% of all houses bought in the UK - and with house prices going through the roof, it's another route well worth considering.
Under the hammer
In fact, auctions are a speedy and efficient way to buy a property. There is completely open and fair competition between bidders and even better, no gazumping! Once the gavel falls, the sale is complete and the property is yours. Houses at auction can sell for as low as 40% below high street prices and what's more, are often old and unusual properties, such as churches, old offices buildings or even plots of abandoned land.
The holy grail of buying at auction is to find that hidden gem at a bargain price - the reality usually involves less desirable locations and abandoned or repossessed property. The plus side is that you will be getting a challenge. If you are looking for something to renovate, an auction is a great place to buy.
Do your homework
However, before you start nodding and winking your way to that delightful des res, there are some important considerations you should hammer into your head. Buying at auction requires painstakingly careful planning and balls of steel. That dream home you're bidding for could be riddled with unwanted hidden extras - you know the sort, dry rot everywhere and neighbours from hell - and so you'll need to do some thorough homework on that house.
Find your auction
Finding property auctions has never been easier and the web is a great resource. There are lots of websites to help you do this and the Essential Information Group and PropertyAuctions.com are as good a starting point as any, with a good search facility plus lots of information on the auction game. Once you decide to get involved, make sure you're absolutely ready: never bid for a property at auction if your ability to buy will only be enabled by the sale of your own property. You could land yourself in serious trouble: once that hammer falls, the sale is legal and binding.
In fact, auctions are a speedy and efficient way to buy a property. There is completely open and fair competition between bidders and even better, no gazumping! Once the gavel falls, the sale is complete and the property is yours. Houses at auction can sell for as low as 40% below high street prices and what's more, are often old and unusual properties, such as churches, old offices buildings or even plots of abandoned land.
The holy grail of buying at auction is to find that hidden gem at a bargain price - the reality usually involves less desirable locations and abandoned or repossessed property. The plus side is that you will be getting a challenge. If you are looking for something to renovate, an auction is a great place to buy.
Do your homework
However, before you start nodding and winking your way to that delightful des res, there are some important considerations you should hammer into your head. Buying at auction requires painstakingly careful planning and balls of steel. That dream home you're bidding for could be riddled with unwanted hidden extras - you know the sort, dry rot everywhere and neighbours from hell - and so you'll need to do some thorough homework on that house.
Find your auction
Finding property auctions has never been easier and the web is a great resource. There are lots of websites to help you do this and the Essential Information Group and PropertyAuctions.com are as good a starting point as any, with a good search facility plus lots of information on the auction game. Once you decide to get involved, make sure you're absolutely ready: never bid for a property at auction if your ability to buy will only be enabled by the sale of your own property. You could land yourself in serious trouble: once that hammer falls, the sale is legal and binding.
