IDENTIFYING HOUSE AUCTIONS
Property auctions aren’t as easy to find as you would imagine.
Traditionally auctioneers get more than enough interest
from in-the-know regulars so they don’t need to spend much
money on expensive advertising to the public. This is where
the list of auction houses that comes with this guide becomes
invaluable. There are details on each auction house including
which area the auction house covers. Go through the list
and identify ones, which cover the areas you are interested
in. Then you should:
Phone the auction house and ask them when their next auction
is most likely to be held. Ask is you can be put on a mailing
list, which details upcoming auctions. Some auction houses
may charge a small fee for this, others offer the service
for free.
Prepare a list of questions for each auction house you
contact. These should include:
Do you have a mailing/emailing list?
How long do you keep people on your mailing lists and will
you let me know if I am about to be removed?
What type of properties do you like to auction?
It may also be worth subscribing to certain pedigree property
magazines. These include Property Auction News, Under The
Hammer and Property Week. Local newsagents usually carry
these.
THE INFORMATION AN AUCTIONEER WILL PROVIDE
Obviously they will provide the details of the properties
going under the hammer at their auctions. These tend to
be more detailed than the snippets given by estate agents
(there are laws such as the Property Misdescriptions Act
1991 which make it illegal for auctioneers to give false
information about a property). On the whole, for any given
lot they will provide:
Location
Construction details
Tenure (e.g. freehold)
Accommodation details (e.g. 3 bedrooms etc)
Notes (e.g. refurbishment required)
Viewing details
Solicitor details
Auctioneers usually publish a catalogue with the lot details
– this is a book detailing the various properties available
at auction. These will usually be available a month or less
prior to the auction date.
IDENTIFYING HOUSE REPOSSESSIONS
Some banks/building societies can be sheepish about revealing
that they are selling repossessed properties so you need
to be alert in the auction for clues. Auction adverts may
reveal that a bank may be the seller of a number of properties,
or the auction catalogue may state a phrase such as ‘on
instruction of a liquidator’ or something similar – this
should tell you that the property being sold is a repossession.
If you are unsure, ask the auctioneer directly if the lot
being offered is a repossession.
FINDING PROPERTY AUCTIONS NEAR YOU
There are several thousands of properties available for
auction at any given time all over the UK. It's important
to understand how auctions work before purchasing a property
from one. To find out where you can get hold of a list of
UK property auction venues and websites of auction properties
for sale take a look at my resource box below. I wish you
every success in finding your dream bargain home at auction
Find 30,000 Dirt Cheap UK Properties At Auction Immediately
http://www.propertyauctionzone.com
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