EIG Buying Guides:
Why Buy a Property at Auction?
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.
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.
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.
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.
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.
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.
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
By Beth Fox