Buying properties at auction

Finding an investment property in London can be challenging, especially when you consider the amount of competition there is in the market from both at home and overseas. It is advisable to work with local estate agents such as our team on this matter, particularly if they offer portfolio services where they actively search for properties for you; we offer a wide variety of services including full property management in Bexley and beyond, guiding you towards making the right decisions for your finances.

Another good option is to go to local auctions and see what comes under the hammer. Buying a property at an auction is a brilliant opportunity because you could potentially walk away with great savings. Additionally by choosing this method you can avoid getting stuck in chains and having to face huge delays before you can start working on the property and get it back on the market.

The first thing to remember when buying property at an auction is that you need to have all of your finances organised beforehand. When you win a property you’ll be expected to sign a contract and pay a percentage of the selling price upfront. You’ll need to keep your budget in mind and make sure you don’t get carried away with the bidding and go overboard.

One of the biggest things to keep in mind at an auction is to be patient. The events can be very long and many auctioneers will hold the best items until last so they generate the most interest. Earlier properties may go slightly cheaper as people hold on to their funds until later so you’ll need to get your targets right. Try not to get caught up in the bidding and end up purchasing too early.

Studying properties before the auction is very important and you should never buy something before you get a chance to view it. At the event there should be some sort of programme that shows all of the homes up for sale with their guide prices and some information. Remember some will have reserves in place so you could win the auction but find the property still goes unsold if it doesn’t reach a certain value.

Auctions are a great choice if you’re looking for a buy to let property that you can add value to and return to the market quickly. If you are thinking about purchasing a property at an auction, consult our expert team and we will do all we can to help you make a success of your venture.