Buying Property at Auction:
Our online auction means that you are buying property from owners who are selling property on the basis of achiving a sale quickly, and are prepared to consider bids available. PropertyforSalebyAuction.com is an international online auction, which means that buyers can decide to bid without physically attending the property auction when buying property.
The easy auction for everbody, Here's Why:
- International Auction, Properties in many countries
- Bid in your own time, no auctioneer pressure
- No fees for buying through this auction
- No risk of bidding errors just because of an innocent hand movement
- Your bid is blind to all other bidders, so does not prompt other bids
- You deal directly with the owner making it easier to negotiate before or after auction
- Owners more negotiable as saving thousands in commission fees
- No advance deposits required. (Deposit only payable following acceptance of your bid on or before Auction Close)
There are two types of property for sale by auction in this online auction:
Standard Sale Completion means that the time taken to complete will be similar to that taken buying property through any other means. This means that all deposits are subject to satisfactory searches and contract. In this instance all deposits are paid to the buyers solicitor initially, and then transferred to the owners solicitor.
Rapid Sale Completion means that the sale should complete within 30 days as the searches have already been prepared and the contracts are ready for signing as in live auctions. In this case all deposits are non refundable and following your bid being accepted as the winning bid, you will receive an initial deposit payment request for £1,000, payable by credit/debit card, and due for immediate payment. (1,500€ for non UK Properties) This deposit will be transferred to the owner's solicitors. A further deposit of 10% of the purchase price is payable within 3 days, less the initial amount paid. This is payable to your solicitors.
Enquire Direct to owner:
Search the properties for sale by auction this month, and click the Enquiry Button to contact the owner to arrange viewing. When buying property at auction, we do not recommend bidding without prior viewing. Whilst you do not have to view to bid, it is strongly recommended as upon bidding you accept that you require no further information on the lot you have bid for and that you are committing to buying that lot for the price of your bid, should it be the successful bid upon the online auction close.
Bid in your own time:
Once viewed you can contemplate your bid. You have until the end of the auction period, which is clearly displayed on our home page. Of course you are buying property at auction because you want to buy a bargain, but remember that you are not the only bidder and if your bid is beaten you would have lost the opportunity to buy that property, possibly for a very small difference in price. We provide a guide price which is the likely bid range, although anybody can bid up or down of this.
Closed Bidding:
For sale by auction is a closed bid online auction. This means you will not be aware of other bids, and other bidders will not be aware of your bid. It is how much you want a particular property which should decide how much you are prepared to bid. You have the opportunity of bidding a low price but risk losing the property, or you can bid at a higher price which is more likely to assist you in successfully buying that property at auction.
Surveys
It is not uncommon that surveys are not carried out when buying property at auction, but if you want a survey carried out, you must remember that there is a deadline at the auction close. Try to check our auction early in the month as this will always allow more time should you require surveys.
Mortgages:
Most people buying property for sale by auction are cash buyers, but that is not to say that if somebody buying property at auction requires a mortgage, it cannot be achieved. If you are buying property and require a mortgage, before you do anything else, you should speak with your potential lenders and enquire in principle, as to whether they can turn a mortgage around within the given timescales, i.e. 30 days from the close of auction in the case of Rapid Sale Completion, more like 60 days in the case of Standard Sale Completion. Where a bank will do this, they will probably also want a survey which also would need to be completed in enough time for the lender to evaluate the property and make a final offer to you based on that survey valuation. If your lender can confirm that they could do all of this,then you have the opportunity to find your chosen property for sale by auction and arrange your viewing. If following this you want to make a bid, dbl check with your lenders first. It is important that you do not bid until the survey has been completed and that you are in posession of a written mortgage offer. At this point you are in a position to make your bid, and provide evidence to the property owner, that you have a written mortgage offer, based on their property. Your bid will be welcomed of course.
It may also be possible to arrange bridging loans with a bank, which will cover the total amount until such times as your mortgage funds are available.
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