A question I am sometimes asked is, “If I go to an auction to buy a property, how do I bid?” The first starting point before you do anything is to sort out your finance, to sort out your survey and to sort out the legal side. That is a […]
A new online property service is launching that enables estate agents to add an auction element to both sales and lettings. LetsBid Property assists estate agents by enabling them to upload their listings to the website where registered buyers and renters can bid for property they’re interested in. “The whole […]
Whether you’re looking for an old property or new, a renovation project or a rental ready unit, here are some top tips from the experts at Belvoir to help you secure a successful investment on auction day… 1. Purchase practice The atmosphere of the auction room can be intimidating for […]
Over the past few years aspiring investors have taken to the auction houses in search of a bargain. But although there’s no doubt that amongst the lots on offer there’s certainly a great deal or two to be had, not every property that goes under the hammer will be right […]
Keep your head down in the saleroom. Dress down. Be quiet, unassuming, unobtrusive, anonymous. Blend into the surroundings. If at all possible, wear clothes displaying a matching pattern to the wallpaper, or attire yourself in the same fabric as the chairs. Sport shoes the colour of the carpet. Don’t stand […]
How to go about obtaining the necessary funds to purchase a property from an auction all depends on what you intend to do with it once you’ve bought it. For example, if you intend to sell the property quickly for profit, you would be unwise to tangle yourself up in, […]
I have seen countless bargains and there are some real opportunities to be found in auction houses all over the country, and I am going to tell you how to exploit them. You must, however, be prepared to do your research – and get your timing just right. I know […]
Guide Price Range Each lot will usually have a guide price or, more likely, a guide price range. For example, ‘£150,000 – £170,000’. This figure normally refers to what the auctioneer thinks the lot will sell for at the event but can occasionally refer to their perception of the property’s […]
Many property auction newcomers wonder where the stocks of houses that fall under the hammer come from. The reasons they appear are many and various: bank repossessions, council and public sector disposals, private sector surpluses, company cashraising purposes, divorce settlements, unmortgagable properties that would stick in an estate agent’s window, […]
One of the strategies I talked about previously was making pre-auction offers. If you go in at 20% or more below the guide price, you only need a few of those to be accepted every year for you to make a tidy profit from BMV property. Underwriting is a step or […]
