Benefits of Buying a Property at Auction

Many of us will be familiar with ‘Homes under the Hammer’ but have you ever considered buying a property at auction? As well as the excitement and anticipation on the day, there are plenty of benefits to buying a property at Auction; we’ve put together a list of just a few.

MS
Manning Stainton

Bagging Yourself a Bargain

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It’s hard to say no to a bargain. Property Auctions are the place to increase your chance of bagging a bargain. With all your direct competition in the room, it all comes down to who is there on the day and whether others are bidding for the same property. Who knows, if you’re in luck you might be your own biggest competition!

Success

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Once the hammer hits the property is yours! There is no potential of sellers backing out, no lengthy chains that could fall through, no gazumping and the property will be officially yours within 28 days, can’t say fairer than that! So those of you looking for ease of purchase an auction could be the right path for you.

Wide Range of Properties

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Property auctions see everything from the weird and wacky to the wonderful, so if you’re looking for something a little different, a property auction is definitely the place to find something. From shops, barbers, builders yards the opportunities of what you can find at Auction are endless. 

Speed of Purchase

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Time is precious and property auctions value just that! With a fixed timescale set from the beginning the property will be yours in 28 days, making there no quicker way of buying a house. With everyone working to the same timescale you won’t be hanging around waiting for solicitors, from the minute the hammer hits the 28 day countdown begins.

No Scary Surprises

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With Auction House and Solicitors aiming to provide all the relevant documents prior to the auction, there should be no scary surprises later down the line. This included title deeds, leases for tenanted properties alongside any relevant planning permissions which should be provided in the legal packs available before/on auction day.

Fair is Fair

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Everyone at the auction starts on an even playing field. When the Auctioneer announces the lot, everyone has the opportunity to bid and the winner is the highest bidder, there is no first come first serve scenarios and you will know there and then if someone is willing to offer more.

So next time you’re looking to move, looking for an investment property or wanting a project to get stuck into, why not head to a property auction you might just get yourself a bargain!

If you want to know the ins and out of how property auctions work, take a look at our ‘Everything you need to know’ article that will give you all the information you need.