A public sale in which the properties are sold to the highest bidder are called property auctions. The person who conducts the auction is an auctioneer. It is the job of an auctioneer to offer each lot for sale, acknowledge bids, and announce whether each lot is sold or unsold and their final bid price. Each auction house has a catalogue with description of the lots (properties), details on how to view the lots, and General Conditions of Sales. The auctioneer should prepare the catalogue, giving as much details as possible. Auctioneers can also undertake bidding on behalf a buyer who cannot attend the auction. This is called proxy bid.
If you go for property auctions, you should know some nitty-gritty of the whole affair. Beware, there is more to buying properties at the auction than to land up there and start bidding. It is far wiser to sit up for few auctions to learn the basics before actually taking part in the bidding. At least you should learn the jargons before you venture out to buy any property at the auction.
Property auctions UK is there if you want to buy a house within UK. They have lists of properties from all over UK and update their lists regularly. If you live in England and want to buy a property in Scotland, all you have to is to contact some relevant auction houses and ask for their catalogue. It is wiser than relying on unknown agents in unknown places. Buying through auction houses is not only quicker, but cheaper too. You get hold of the property as soon as you have paid the 10% of the deposit money.
Property auctions England is for people who wants buy a house anywhere in England. If you live in Southampton, but would rather have a property at Andover, property auctions England is the right choice for you. Most of the auctioneers are on the net and if you go to their sites, you find a list comprising of places where the properties are located. You chose the desired location and then you will find the list of available properties.
Alternatively, you can go for quick search. You name the locations or at least the postcode and your budget range; i.e. the minimum price and the maximum limit you are ready to go. If there is no property in your chosen are, you can set up an email alert and the auction house will let you know as soon as one is found.
In addition, these big auction houses publish auction calendars for property sales through out the year. You can order catalogues online or over the telephones. The legal documents of the properties are available with the auctioneers. If you want to see them (and you should see them) beforehand you will have to go to their office, or they will be available on the auction day itself.
Here are some tips for buying at auctions. However, you should remember that these are simply guidelines. You should consult a solicitor or if necessary a chartered surveyor before you venture out to buy properties at auctions.
1) Get the catalogue. Read the details about the lots.
2) Arrange for viewing of the lots you have zeroed on. Viewing arrangements ought to be listed in the catalogue.
3) View the property. Try to talk to the local agents and better still with the neighbors.
4) Check if the description of the lot matches with the actual condition of the property. If it does not, you should be cautious.
5) Carry on usual land and property search.
6) Get the legal documents pertaining to the property, a copy of which should lie with your auctioneer.
7) Carefully read the condition printed in the catalogue and legal the document sent by the auctioneer. Do not hesitate to get legal or professional opinion. In fact, you should get legal and professional opinions before hand. Once you have actually paid the 10% of the deposit money, your hands are tied.
8) You have to pay 10% of the money on the auction day and the rest 90% within next 28 days. If you cannot, the contact will stand null and void and you will lose the 10%deposite money. Therefore, you should make proper finical arrangement before you venture out.
Buying properties at auction is not only convenient, but you save on money and time too. You can at least save 10% to 15%, if you buy at the auction. However, you must be cautious.
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