10 REASONS TO BUY YOUR HOUSE AT AUCTION

FOLLOWING on from our run-down of the top 10 reasons to sell your property at auction last week, this week we’re looking at the ways in which buying a property at auction can speed-up the process of purchasing a home. All the stresses of a drawn-out sale are avoided, and you get to experience the buzz of auction day. Here are our top 10 reasons to buy at auction...

SPEED

Nobody likes a lengthy sales process and there is no quicker way to buy a property than at auction. After the fall of the hammer, both parties are in a legal binding contract which typically leads to completion within 28 days. No more waiting months for those keys.

BARGAINS

With guide prices starting from just £1, you can potentially snap-up a property under the hammer at a low price. With most properties at auction guided below market value, you could find yourself leaving the venue with a purchase and a big smile on your face.

VARIETY

It’s not just houses that sell at auction, there’s all sorts filling the pages of north west-based SDL Auction’s catalogues. From windmills to garages, toll houses to churches, banks, bookshops and breweries - the company has even sold toilets before!

Together with more traditional flats, houses and offices, auctions are a great place to find something unique.

FIXED TIMESCALE

One of the best things about auctions is that as the completion time is listed in the legal pack prior to the auction, so you know exactly when you’ll be getting the keys.

With an unconditional sale from the minute the hammer falls, the property is yours, you exchange contracts immediately and typically completion occurs within the following 28 days.

INSTANT INCOME

Whether you’re an investor with a portfolio of houses or offices, or a landlord looking for your next buy-to-let prospect – SDL Auctions regularly sell tenanted lots to suit all requirements. So, from the day of legal completion, all that rental income will be yours.

NO GAZUMPING

Gazumping is one of the most hated aspects of the property market. Don’t you hate it when you’ve had an offer accepted only to be gazumped by another buyer? In an unconditional auction sale there’s no risk of that!

Once the hammer falls, the sale is final and no one else can come in with a higher bid, so that property is yours for sure.

FAIR CHANCE

Auctions offer complete transparency – everybody has a fair chance to place their bid and the purchase is more secure than traditional methods. If there is a particular lot that catches your eye, some vendors will accept pre-auction offers, however, the offer would need to be well in excess of the guide price and therefore at a level that might not be reached with competitive bidding in the auction room.

DOCUMENTS UP FRONT

All of SDL’s properties come with legal packs which can be downloaded for free from its website prior to the auction. The information can include details such as local searches, title deeds, planning permissions, tenancy agreements and Energy Performance Certificates (EPC).

REMOTE BIDDING OPTIONS

If you can’t make it to the auction room on the day, you can still bid on your

YOU COULD BE A STAR!

With BBC One’s Homes under the Hammer regularly attending SDL’s auctions, they’re always on the lookout for people to star in their next episode.

So, if you’re looking for your next fixer-upper then you could find yourself on the small screen alongside Martin Roberts or Dion Dublin.