What are the benefits of buying at property auctions?
Buying at auction is a fantastic way to secure the property you are after. Property auctions allow for an immediate exchange of contracts on the fall of the gavel or at the end of the online auction, meaning that you secure the property without the risk of being gazumped or the chain falling through.
Speed
To give you time to undertake relevant checks, properties are normally marketed for 3 weeks, the marketing period for online auction properties can differ. If successful, you will immediately exchange contracts and have 28 days to complete your purchase. Further information is provided in the legal pack, as the completion date can sometimes vary.
Security
With an immediate exchange of contracts when buying at property auctions, you know the property is yours without the risk of the sale falling through. You will be required to pay a 10% deposit (subject to a minimum of £5,000) and your administration fee to secure the property.
Transparency
Whether bidding in an auction room or online, the bidding process is totally open and transparent. You will be able to view other bids and place your bid accordingly, up to your maximum limit. This avoids the possibility of a property being sold to a ‘preferred buyer’ or you being gazumped at the last minute.
Wide selection of properties
We hold six auctions each year, as well as online auctions, giving you a wide selection of properties to choose from including vacant residential, commercial and mixed-use properties, investments, land/development opportunities, garage blocks and ground rents. We also sell unconventional properties, such as former public houses, churches, police stations and nursing homes.
