Beneficial House Auction
A house is generally auctioned because of repossession, bankruptcy or as a way of clearing debts. It is auctioned if it is left empty after the owner has died or is very unusual and difficult to value or unlikely to generate a great deal of interest. A house auction is generally attended by people who want to sell it or buy it with some profit range. And the auction houses are more often than not unsuitable for first time buyers because they require expensive renovation work.
To help with house auctions for your own benefit, here are some helpful points to consider about them:
1) The main feature that you will come across in a house auction is that the price can be much cheaper than the houses bought through agents. The bidding system of the auction is fairly transparent and the procedure is also very quick.
2) Before buying an auction house, carry out a survey to predict the potential problems of the house. This process can save you plenty of future troubles to deal with – short term and long-term. Get the necessary repair and building work estimates so that you can quote a proper bid. Also be sure to tell your mortgage lender about the property.
3) While preparing for a house auction consult a solicitor and check that the property and the owner are registered in the relevant Land Register. Check for the other legal restrictions concerning the ownership and also for the any future plans of the local council that may affect the property (like road widening schemes, etc).
4) While deciding the maximum bid take into the consideration the costs and items to address like the solicitors fees and outlay, mortgage insurance guarantee, valuation fee, survey fee, building insurance, stamp duty and moving cost.
5) It is a good idea to contact the auctioneer and put in an offer before the date of sale. It can save you the trouble and expense of going to auctions.
6) When you attend any house auction, you need to bring the auctioneers catalogue, proof of your identity like driving license or passport, the details of your solicitor, a bankers draft or building society check of 10% of your top price. If the property goes for less than the top price, the auction house refunds this difference. You have to register at the venue in order to bid.
7) If you cannot attend house auctions, you can generally bid by telephone or online (ask the auction house about this in advance). You can often even ask your solicitor to bid for you, but will have to pay whatever bid he quotes.
The bidding starts with a price lower than the guide price in the auctioneers catalogue and gradually goes up. Don't let yourself be carried away and buy another property or go beyond your top price. You are legally committed to pay for the bid you quote. Reserve price is the lowest price that the auctioneer is prepared to accept. If the bidding does not reach the predetermined reserve price, the property is not sold.
9) If you are the highest bidder, give your details and solicitors details to the auction clerk, show the proof of identity and hand over the 10% deposit and the property will be yours.
10) If you want to back out of the deal at this point you will have to pay the sellers expenses. If the house is sold for a lower price than your offered price, you will have to pay the difference as well.
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