We have been buying and selling vacant and tenanted properties for clients via the auction route for over 20 years. Although many vendors like to use the auction route to achieve a quick sale it does not necessarily mean they achieve the best price, so a well informed buyer can bid wisely and buy at below market value.
However, for the inexperienced buyer, the auction room can be a daunting theatre where the action is fast and furious. Intending buyers therefore need to ensure they have carried out their due diligence before entering the auction room and have sufficient finance in place to complete the purchase. Once a bid is accepted as the highest and winning bid, the auctioneer will knock down his gavel and the bidder will have "exchanged contracts" and entered into a binding contract. A 10% deposit will then need to be paid immediately, with the balance usually being due within 28 days.
Not all properties that appear in an auction catalogue actually sell in the auction room. Indeed many lots are either sold prior to the auction date or, if they don't sell in the auction room, it may be possible to agree a purchase after the auction has finished.
We have an excellent working relationship with auctioneers throughout the London and national markets and often acquire properties at auction for our clients. Our pre-auction advice service includes:
- Advising on market values.
- Advising on rental values and tenant demand.
- Advising on the condition of the property.
- Liaising with solicitors on the legal aspects of the purchase including tenancy agreements, title documents etc.
- Attending the auction on your behalf and bidding for lots up to an agreed limit.
For information on how we can assist you to buy at auction please contact adam@londonpropertyinvestments.com or call 00 44 (0) 7775 89 33 82.