When it comes to investing in the property market, we all have one thing on our mind: how and where to bag a property bargain?
One answer is buying through a property auction. Another way is to work with a reputable property sourcing company who can help you secure a genuine property bargain without the need to attend endless property auctions.
The Buy 2 Let Shop specialises in sourcing Below Market Value properties (often up to 30% below their actual value) for Buy to Let investors and can help you find a property bargain.
What are the Pros & Cons of buying a property through a Property Auction?
The Pros:
You could bag yourself a bargain by purchasing a property well below its market value, gaining instant equity.
Fast process. Once your bid has been accepted, contracts are usually completed within 28 days and are binding.
The Cons:
It’s time consuming, expensive and not definitely successful. Once you find a property of interest, pre-auction, you will need to visit the property, estimate the cost of any work required, organise surveys, get searches and legal enquiries sorted out before bidding. Once bidding starts, you must be the highest bidder to win the property at auction.
You could end up bidding too much for the property as it is easy to get caught up in a bidding war during property auctions with all the excitement.
Organise your finances before the auction. It’s fine as a cash buyer but you need to be very organised with a mortgage to complete on the sale within 28 days.
Pay 10% deposit once sale agreed at auction. You cannot change your mind once your bid has been accepted. If you do, you will lose your 10% deposit and could be sued for any loss incurred.
Still looking for a property bargain?
The best way to bag yourself a bargain is to contact The Buy 2 Let Shop and speak to a Property Investment Manager about the latest Below Market value properties.
Buy2 Let Shop offer genuine discounts on properties and conduct the due diligence on your behalf, saving time and money.
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