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The benefits of buying a property at auction

Publish Date: 14 September 2017

By Beth Fox

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The benefits of buying a property at auction

Further reading

Property guide: The issue of Japanese Knotweed

Join 'The Great Landlord's Debate' at The Property Investor Show

EIG Buying Guides: 

Why Buy a Property at Auction?

The market is changing, these are exciting times and auction sales are becoming an increasingly popular means of selling a property for a wide variety of reasons.
 
No longer is it just a distress sale – they appeal to those who want a swift, hassle free sale or those seeking transparency on behalf of beneficiaries. They also attract a number of investment properties and in turn buyers from outside the area seeking higher yields on their investment.

Key Benefits:

More Choice
Auctions often offer a unique mix of properties not easily found through estate agency and can include repossessions or properties in need of renovation or modernisation.
 
Suits Investors
Large volumes of similar stock are offered at the same time suiting property professionals looking to build portfolios. Vendors are motivated to achieve sales and pricing is competitive.
 
Equal Opportunity
All bidders are on the same level playing field. The property is available for sale on a set day for all interested parties so everyone can have an equal chance of buying. Bidding is conducted in a public Auction room or as an online auction. You can see who is bidding and how much they pay.
 
No Over Bidding
You will only ever pay one bid higher than the under bidder compared with traditional closed tender where the winning bidder may be substantially higher than the under bidder.
 
Safe Purchasing
There is no danger of the vendor 'pulling out' as the contract of sale is binding as soon as the gavel falls. A missive is concluded on the fall of the hammer and the purchase is completed in a known timescale.
 
Motivated Vendors
A vendor may consider an offer before or after the auction providing the sale proceeds on auction terms and a suitable price is agreed. Contact the auctioneer if you wish to offer on any property and they will negotiate with the vendor on your behalf.
 
 
 
Want to see what is coming up for sale in your area or what price properties have sold for?

You need access to www.eigpropertyauctions.co.uk, the only site with information on virtually every lot coming to auction. Get access to industry knowledge with full visibility of what is coming up for sale and what similar properties have sold for.

Try it for free, call us now to experience your no obligation trial: 01737 226150