If you love the thrill of the chase, you’re bound to love buying at auction. It’s an exciting process that comes with certainty, satisfaction and anticipation like you’ve never had before. The heart-racing moment of placing that last bid and it becoming a winner is a thrill you can’t get anywhere else.
Whether you’re a homeowner looking for your next property or a developer seeking a project with potential, buying at auction allows you to have a little fun without complication. There are some important things you’ll need to do as a buyer to prepare, but once you’ve done that, you’re in with a good chance of securing the lot you’re interested in and grabbing a gem!
If you’re still undecided, here are 10 reasons why you should be part of the property auction world.
1. It’s Fast
There is no quicker way of buying a property. Fact! After winning your bid – and a quick celebration – you’ve exchanged contracts, which will then be sent to both your solicitor and the seller’s solicitor. The entire process is usually completed within 28 days, which is so much quicker than properties sold via traditional estate agents.
2. You Have Complete Certainty
The moment that hammer lands, the property with your winning bid is yours. End of story. There’s no risk of gazumping, no long chains holding up the process, you can focus on moving in or starting work.
3. Everyone Has a Fair Chance
Property auctions are a completely level playing field. All parties are in the exact same boat, and everyone has an opportunity to place a bid. This is different to the first come, first serve stance that is common with traditional estate agents, and there are no biases or other factors that might affect the owner’s decision to sell.
4. Plenty of Variety
Say you’re looking for land near you to start an allotment, or a new space to set up a business, or looking for a garage for some storage, you could find exactly what you’re looking for at a property auction. It’s the best place to spot unique finds and plots of land of varying shapes and sizes, which you might not even know you’re looking for until you see it. Apartments. Houses. Commercial properties. Land with and without planning. You never know what might crop up if you follow the property auctions.
5. Transparency Factor
Nothing is held back at an auction. Along with the auction catalogue, we release legal packs for every single property listed, which includes title deeds, leases for tenanted property, as well as any relevant planning permissions. These can be downloaded and thoroughly combed through, so you know exactly what it is you’re bidding on.
6. You Can Do It Anywhere
Covid made online auctions a necessity in the industry, which is welcome news for all involved. If you simply just want to be in the comfort of your own home, or perhaps you’re enjoying your holidays abroad and don’t want to miss a gem, there are easy ways to place a bid remotely. With the development of our online auctions, bidding for a property has never been more convenient.
7. No Negotiation
Buying and selling property through estate agents can mean a lot of protracted negotiating going back and forth on price, which results in a lot of transactions falling through. With auctions, you avoid all of that. Sellers have the reassurance of a reserve price below which the property will not sell. They can rest easy knowing that the auction will protect their interests and that their buyer won’t change their mind.
8. Simpler Than You Think
You may think that property auctions are an impenetrable world which you need experience or specialist knowledge to join, but that couldn’t be further from the truth. If you follow three “golden” rules it can be a simple, straightforward and rewarding way to buy your next property.
9. The Golden Rules
In short – viewing, due diligence and finance. Unless you’re a seasoned investor don’t buy without viewing it first, instruct your legal advisor to read the legal pack before you bid and most importantly make sure you have your finance in place to complete. If you abide by these rules your auction experience will be positive.
10. The Thrill
Let’s be honest, the thrill of the chase and anticipation of not knowing the outcome is just, exciting. There are no other means of buying property that compare.
We love guiding buyers and sellers through the auction process and have years of valuable experience, so if you have any further questions, don’t hesitate to ask.