Paul Georgian Owner

The Buy2Let Shop Limited

The Buy2Let Shop Limited is a property investment company based in London UK and deals with investors at novice/beginner level or advanced property investors. We offer professional services to vendors looking to sell their home to investors looking to build their portfolio.
The Buy2Let Shop Limited South Tower, 26 Elmfield Road Bromley BR1 1WA
020 3837 3300
15 May 2017
15 May 2017,
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Buying a house at auction is a great way to save money on your UK property investment. Get lucky on the day, and you might save sa much as 15% off market value, which for London property auctions, can equate to as much as £50,000 to £75,000.

If you’re new to house auctions and aren’t sure how to get the best results from them, here are a few tips to help you.

Five Tips to Get a Great Result at a Property Auction

  • Choose the right house auction. Local auction houses will sell properties in the neighbouring area, and may be less competitive. National property auctions offer a far broader range, which means a lot more choice – but you’ll be up against a larger number of buyers. Work out what’s right for you before proceeding.

 

  • Request all details / view. If you spot a buy-to-let property for sale that you’re interested in, make sure to request all details, plus the legal pack, which will tell you if there are any issues associated with the house that you need to be aware of. It’s also advisable to view the property ‘in the flesh’ – some buyers do choose to buy blind, but this is a high-risk strategy.

 

  • Check your finances. Buying a house at auction differs considerably from a traditional house purchase. If your bid is successful, you’ll need to pay 10% of the final agreed price on the day, and you’ll need to pay the remainder within 28 days. If you’re funding your purchase with a mortgage, it’s imperative to get it agreed in principle before you start bidding.

 

  • Establish a maximum bid. If you’ve never been to a house auction before, it can come as something of a surprise to see how fast-paced and frenetic it is. As such, it’s alarmingly easy to get lost in the moment and bid more than you intended to. Before the auction starts, make sure you’ve got a firm idea of your maximum price, and don’t go above it, regardless of how many other bidders are interested.

 

  • Get used to the process. We’d also recommend attending a few property auctions beforehand, to get a feel for how it all works. If possible, go with someone who is familiar with the process, who will be able to provide you with an insider’s view. If not, speaking to a property investment agent is also a good move – they’ll offer you advice and support to help you get the most from the sale.

The Buy2Let Shop Limited

If you’re looking to buy a house at auction, but you’re worried about the process, get in touch with The Buy2Let Shop team. We’re professional property investment agents, and we’ll help you to find the right property at a house auction, at the perfect price.

We also have a number of other investment properties on our books, which are all priced competitively to sell, and which aren’t available to the general public. To find out more, simply visit The Buy2Let Shop website today.

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