There are a great many reasons why buying and selling at auction can be a good ideaDavid Hebditch
Have you ever considered buying property at an auction? With our next auction ahead of us, April 26th at Haynes Motor Museum, Sparkford, we asked our experts for their top tips on buying at an auction - particularly for those new to the idea. Here's what you should consider:
• Do your homework: if you’ve ordered the auction catalogue and you’ve found a property you like, go and visit it before the day of the auction. Read and understand the auction pack and consider having your solicitor go through it before the auction.
David Hebditch, Head of Rural and Commercial commented: “There are a great many reasons why buying and selling at auction can be a good idea. The current property market climate is one of them. At a time when property stock is low across the South West of England yet buyer demand remains strong, buyers are becoming more creative about how they buy property. We are seeing new faces fill the auction room, as buyers consider other channels through which they can purchase a property.
“Buying a property usually takes around eight to 12 weeks but can often take much longer, particularly in the wake of the Mortgage Market Review last year. Buying at auction bypasses a lot of the time-consuming paperwork as contracts are exchanged at the fall of the hammer, helping buyers to avoid the risk of the sale falling through due to common problems such as gazumping and gazundering. For that same reason, a seller can rest assured that only serious buyers will bid at an auction as they are legally obliged to follow through with the sale after the auction is over."