Why Should I Buy at Auction?
There are many reasons why buyers across the UK favour auctions as a method of purchasing property. The efficiency, timely nature of the process and varied choice of properties are just some of the reasons why our clients choose to buy through Real Auction.
A Quick & Efficient Process
Firstly, one of the conditions of many auction sales is that the purchase is completed within a set timeframe. This period is usually 28 days, although it can vary from one auction house to another. This is a huge advantage, because it enables you to plan any payments, inspections and refurbishments much more effectively than when buying a property through an estate agent. If you’re in the market for multiple properties to add to an investment portfolio, the predictability of the process means that you can better plan for future property auctions too.
Buying a property through an estate agent often involves a large amount of uncertainty. This is a disadvantage to home buyers across the country, whose own house sales or rental contracts often depend on a speedy process. Due to the fact that there are no lengthy delays because of the strict timeframe, every part of the process can be planned meticulously, resulting in a smooth handover.
Transparency Among Buyers
Another huge benefit to you of buying at one of our UK property auctions is the transparency of the process. One of the big risks of buying through an estate agent is that you’ll be out-bid, or even worse, gazumped! When buying at auction, you’ll be able to see the other offers that are on the table, and can respond to them in real-time.
In addition to this, bids from other buyers can be reassuring; other interested buyers means that you can be sure the property is worth what you want to pay for it. This also creates an opportunity to learn from other buyers, gaining knowledge that can be implemented at future property auctions.
A Fair Chance for All
Unlike when buying a property through an estate agent, you don’t necessarily need to get your offer in first to be in with a chance of successfully bidding on a property. You can often take more time to consider your offer, and use the offers of others to make an informed decision about the top bid.
A Variety of Properties
Whether you’re hunting for the perfect family home or looking for a fixer-upper that you can add value to, auctions across the UK will have a wide range to choose from. Real Auction works will many sellers of properties at a wide variety of price points, so you can always be sure there are future property auctions with a property to suit your needs.
The Potential for a Great Deal
Perhaps one of the most widely known benefits of buying properties at one of our UK property auctions is the opportunity to grab a great deal. Spotting a brilliant opportunity to add value, or simply a bargain price for a great family home is one of the reasons why auctions are so popular in the UK.
An Opportunity for Investment
There are also great opportunities for investors at our UK property auctions. Firstly, a large number of auction properties are probate sales, repossessions or are simply un-mortgageable. This means that they often need a significant amount of refurbishment. Many buyers see this as an opportunity to invest in upgrading the property, in order to achieve a high selling price down the line or to generate a great cash flow.
The combination of motivated sellers and properties in need of modernisation makes for a great opportunity for investors. In many cases, properties are also sold with planning permission or an approved change of use which means they’re ready to go with your planned improvements.
Another reason why properties for sale at current and future property auctions work well is because they can be cash-flowing quickly. Auction properties are often be sold with tenants in situ, meaning that they are cash-flowing for you from the moment that the paperwork is signed. There is minimal time-investment for you, and an opportunity to make a great income.
