It is not a secret that buying a house from an auction is faster and the house is entirely profitable. But we definitely need to be careful too. Here are some rules and guides to help.
#1. Know When and Where
Get trusted information on the schedule. We first need to find out if an auction is going to hold. Then, we should try to get the catalogue and know the entire properties on the list.
#2. Visit the Property
Contact the auctioneer and make arrangement to visit the property we are interested to. We may need to do it several times and bring architect or builder since they commonly are on poor state.
#3. Do Research
To make a wise bid, and profitable, we need to understand the real situation. Compare the property condition and price, and make sure we get the just number.
#4. The Legal Part
There will be a legal pack for us. We need to read it through and be keen about it. If we are not so sure about it, we should ask our solicitor’s help.
#5. Financial Arrangement
Before the auction, we need to at least hold the 10% deposit, so that we can join the auction. The rest should be ready within 28 days. We should arrange mortgage if possible.
#6. Recheck the Property
When we feel ready, it is time for us to recheck the property. We need to cover every facet of it, and we need to be sure that we are picking the right property.
#7. Get Prepared
We can try to be in an auction before and just watch to learn the situation. It gives enough insight to us. Even though we can bid by phone, being there is a lot better.
#8. Be Visible
We must be sure that we are visible during the auction. It prevents us from any problem like unheard and unseen by the auctioneer. Getting there early is wise.
#9. Make Wise Bid
We have been through a lot for the property. It makes us forget sometimes that we still need to make wise bid. Be focus, and do not get over it.
#10. Make Bargain (Again)
This is possible between buyer and vendor. They commonly are available with a little bit of bargain. Try it, and we may get even better deal.
Let us not take the process lightly. We do not have to suffer from the very long process we commonly have to deal with. However, we definitely need to do some research and be careful on the steps.