insuring finances are not hidden business

#Insuring finances are not hidden business how to#

Ask local estate agents and neighbours for their opinions and compare it with other homes on sale locally so you have a realistic price in mind for when you go to auction.

Don’t rely on the guide price (the advertised price – see below).Take a builder or an architect with you to any viewings so you have a better idea of what you’re letting yourself in for and how much it will cost if you end up owning the property. You need to make sure you bid an appropriate amount and don’t pay over the odds.Keep an open mind – auction properties are often in a poor state, which is why you can get some absolute bargains.Then contact the auctioneers and arrange an appointment to view the properties. Study the catalogue and make a shortlist of properties you’re interested in buying.For a list of upcoming property auctions, visit the websites of UK Auction List or Essential Information Group.Īnd remember: there is usually four weeks between the publication of the auction catalogue and the auction – so if you like a place act fast. Then, ask for a catalogue and subscribe to their mailing list. On signing the contract, you’ll be responsible for insuring the propertyĭecide on the area you’re interested in and contact the auction houses that cater to that area.An administration fee to the auction house, which is typically between £200 and £300.The costs involved when you buy a house at auction include: How much does it cost to buy a house at auction? If you’re really unlucky, you could spend all that time and money on making sure a house is worth bidding on, only to find that someone has bought the property before it goes to auction.

If you lose out, you will lose any money you’ve already invested into researching and carrying out surveys on the property. What are downsides to buying a house at auction?Įven though things are completely transparent when you buy a house at auction, just like in any other buying process, you could get involved in a bidding war. So there’s no chance of being gazumped.There’s a lot less that the estate agent can hide from you. And, you see all the other bids as and when they’re made. So, there’s no risk of everything falling through at the eleventh hour. When you buy a house at auction, the sale is agreed as soon as the hammer falls. Over the past decade, they’ve become increasingly popular with buyers who want to avoid the traditional house buying chain. And, if no one else has noticed its potential, you could find a bargain.īut auctions aren’t just for the experts with insider knowledge.

#Insuring finances are not hidden business how to#

Auctions are great for people looking for unusual properties that estate agents wouldn’t know how to sell.