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Bidding in the auction house can be very thrilling and profitable, but is can also be equally disappointing. Unlike other methods, purchasing a property like a house or land, in this process, you get to own the property without having to go through the lengthy procedures and complicated legal matters all which can turn sore at the eleventh hour. In the auction sales, you are unburdened of all the procedures and yours is to wait for the fall of the auctioneer's hammer when you are the last bidder and you get the title as the new owner.
However, the difference between getting your bargain and losing money is preparedness. Conducting a detailed research before going for the bid can be extremely valuable. The properties available for auctions are listed in the local dailies, magazines, property papers, and with the local property agents.
After locating the site for action, you have to get the property catalogue and spend a significant amount of time scrutinizing it. It is wrong to bid on properties on the spur of the moment as you can end up with what you don't require. Being prepared is far much better than relying on your instincts. With instincts, you are counting on luck, and as you know, luck rarely strikes twice.
With the property in mind, contact the auctioneers to arrange for viewing. Some auctioneers have specific viewing days while others allow viewing on any weekday, whichever the case, make sure to capture all the details you need even if it take more than one visits.
Some properties, especially houses, and land are likely to be in a poor state. As such, you need the assistance of a professional for a proper valuation. You should consider taking along a developer, an architect, or any relevant expert in the field to give you more insight.
Once contented with the viewing process, it is necessary that you proceed to conduct a thorough research with the main objective being to compare prices and the condition of other properties available for sale with the local estate agents. This gives you the right picture of the true market value of the property. In order to entice bidders, bidding prices are likely to be lower. This ensures that you bid with the right amount and you don't end up spending too much than necessary.
The process is not complete before familiarizing yourself with the legal aspects surrounding the property. The auctioneers have the legal pact and they should avail it to you. By carefully studying it, you should be aware of issues that might affect the property cost. In some instances, the services of a solicitor may be required to help you through in analyzing covenants and similar issues.
The action procedures will require that you make at least 10% deposit on the spot and the 90% within the month, as such, take care of finances in advance. On the auction day, arrive early and register on time. Once the bidding starts, you may get tempted to bid beyond your target. This is not recommended as it may lead to loss. If someone goes beyond your budget, it is best to wait for the next property.
However, the difference between getting your bargain and losing money is preparedness. Conducting a detailed research before going for the bid can be extremely valuable. The properties available for auctions are listed in the local dailies, magazines, property papers, and with the local property agents.
After locating the site for action, you have to get the property catalogue and spend a significant amount of time scrutinizing it. It is wrong to bid on properties on the spur of the moment as you can end up with what you don't require. Being prepared is far much better than relying on your instincts. With instincts, you are counting on luck, and as you know, luck rarely strikes twice.
With the property in mind, contact the auctioneers to arrange for viewing. Some auctioneers have specific viewing days while others allow viewing on any weekday, whichever the case, make sure to capture all the details you need even if it take more than one visits.
Some properties, especially houses, and land are likely to be in a poor state. As such, you need the assistance of a professional for a proper valuation. You should consider taking along a developer, an architect, or any relevant expert in the field to give you more insight.
Once contented with the viewing process, it is necessary that you proceed to conduct a thorough research with the main objective being to compare prices and the condition of other properties available for sale with the local estate agents. This gives you the right picture of the true market value of the property. In order to entice bidders, bidding prices are likely to be lower. This ensures that you bid with the right amount and you don't end up spending too much than necessary.
The process is not complete before familiarizing yourself with the legal aspects surrounding the property. The auctioneers have the legal pact and they should avail it to you. By carefully studying it, you should be aware of issues that might affect the property cost. In some instances, the services of a solicitor may be required to help you through in analyzing covenants and similar issues.
The action procedures will require that you make at least 10% deposit on the spot and the 90% within the month, as such, take care of finances in advance. On the auction day, arrive early and register on time. Once the bidding starts, you may get tempted to bid beyond your target. This is not recommended as it may lead to loss. If someone goes beyond your budget, it is best to wait for the next property.
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