Property auction home >> Identifying House Auctions

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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