Getting Ready for a Property Auction
First of all, remember that you should only buy a property if you have seen it! In the 'real world' of normal property you would never buy a house without viewing it and having various questions often over a period of weeks with regard to a house. At an auction everything happens in just a few minutes, so it is always best to avoid impulse purchases as there is too great a risk that there is something that you are unaware of (for instance the property is about to fall over due to subsidence or something!)
Of course you need to get the catalogue of properties from the auction house. These are often about a month before the auction, and there may also be a mailing list you can sign up to to get catalogues regularly if you are interested in property auctions on an ongoing basis.
Once you have the catalogue, sit back with a cup of coffee and go through it. Note down any properties that you are interested in. Try to get it down to five or so lots you are interested in if there are initially lots - you don't want to traipse around forever looking at loads of different ones, it will be both confusing and take too long.
Once you have that list, make sure that you view the properties (you will be able to find out how to do this in the catalogue).
If you see a property and you like it, and are not initially put off by the state it is in (auction properties won't have nice sweets out on a table and smell of coffee and can be in considerable states of disrepair and neglect) then you could get a local estate agent to suggest what they think the value of the property would be - even go and talk to the neighbours if you wish.
If you are still not put off and decide that this auction property really could be for you, then move on to reading our buying at auction page.
More property related articles:
- Repayment Mortgages
- Spain and Utility Services
- Bridging Loans and Mortgages
- Why Buy in Cyprus
- Right to buy and mortgages
