Buying at auction
Buying a property at auction is very popular in the UK, and over the years more and more investors prefer to buy their next property at auction.
Three reasons why auctions are popular
First
If you have become a happy buyer and the auction hammer knocked down for the third time, you can be 100% sure that in 28 days you will become an owner of an apartment or house, as after the third knock down a buyer and seller exchange contracts and should complete a transaction within 28 days. While at the standard purchase of second homes, the paperwork may last to 6 months and the seller may change his mind any time.
Second
The property at auction can be often purchased much below its market value. There are many reasons why property is put up for sale at auction; debt, divorce, inheritance are the most popular ones. Various agencies, ministries and major law firms in the UK hold a lot of real estate, the sale of such objects is made only through auctions. Sometimes sellers need to sell their property as quickly as possible and the price can be lowered. Another factor affecting the price is that the property sold at auctions is often in need of repair, which gives a buyer an opportunity to repair and decorate it to his taste.
Third
Most investors, who have various portfolios of objects, sell them through auctions. Thus, a buyer can buy a ready business, for example, a block of apartments with tenants. There is no need to wait for the end of construction, do repair works and search for tenants. You immediately start to get revenue.
Prime UK Property has been helping to invest in real estate through auctions since 2008. During this period, we have accumulated huge experience and know all nuances that may await a buyer. Many of our properties have doubled in price after the purchase.
We will be happy to share with you our knowledge and experience and select the best option for you.
