How to buy UK auction property 7 tips
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- čas přidán 4. 07. 2024
- How to buy UK auction property 7 tips // This is a follow up video to one that we made last year, go check it out here: • How to buy auction pro...
We give you 7 tips on what to look out for when buying a auction property, nowadays there are also a lot of modern method of auction, so hopefully this is will be helpful.
00:00 Intro
00:32 When to buy
01:25 Putting in an offer
02:30 Legal pack
02:53 Survey
04:23 Modern method of auction
05:00 Chance for extension
05:55 Buying process
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Any questions related to auction? Leave them below!
Great video guys 👍🏻
@@RayatTheAuctionCompany Thank you!
hiya, im curious if you win an auction but the mortgage provider cant offer a mortgage, what are you liable for? The whole cost of the house or you just lose the deposit? Thanks :)
@@ldnldn6405 hello. You will loose the deposit and any auction fees you have paid.
Hey, can you recommend any good auction companies in the UK? Thanks x
Thanks for putting together such video Elsie and Markus. Just what I need to get into the auction buying 😊. Many thanks from a new follower.
I’m currently looking at purchasing a property up for modern day auction and I’ve found your videos really helpful. Thank you for the value, I also like the union so I’ve now subscribed 🕺🏾 keep it up!
All the best for that one! Thanks for subscribing!
GREAT TIPS! thanks guys for this. already subscribed&many likes will follow!
Good one, thanks👌
Very informative. Thank you so much
Thx EM. And useful info:)
Really good tips thank for sharing
Great video, thanks. What if you are looking at a large number of auction properties but only expecting to win on a few. Would you still get solicitor to check all packs? Could get quite expensive. Are there any specific things to look for yourself?
Would be good to explain auction related fees vs regular purchase. I’ve read reviews whereby buyers are expected to pay for sellers fees and inflated search costs without proof of initial cost
How do you figure out how much I needed to get the property up to scratch? Do you take a house renovation builder with you at the viewing or do you know from experience?
You might need to pay a builder to do a quote on your very first one, and then slowly build up your experience from there.
Hi Guys,
Your videos are very helpful. I have subscribed your channel as well. Quick questions if you could help please.
1). If I buy a property with someone as a venture. Should I create an SPV Co to buy that. Will this model helps us getting Finance sorted through Bridging Cos Lender.
2). When you get Bridge. Do you usually go for Bridge2Let products or just a general Bridge loan.
Thank you for your kind words.
Regarding your questions, as they are very specific to your situation, I'd suggest getting in touch with a mortgage broker to discuss your options as we are not financial advisors. Good luck!
Hey guys, thanks for the helpful video. Do you have a solicitor to recommend in London?
Thanks for your support. Sorry we don't have a solicitor in London to recommend.
Great video, Do you still need to read legal pack with solicitor if making offer before or after the auction date ?
Yes highly recommend to do it, because if your offer is accepted, you are still buying under auction conditions.
@@ElsieandMarkus thanks for you response. I\ find it very difficult finding good deals at moment ( due to the fact that there is more buyers tan sellers and more money in circulation). How do you manage this current struggles in the current market condition to keep buying rather than waiting for a change?
Hi guys, thank you to make this kind of videos, so useful. I plan to buy first house, the auction guide price is £50k. Too good to be true to be only sold around that price, since it 3BR and good condition. Well, council tax band D. House price around this area is minimum £125k. Can I expect to get this property close to guided price?
Suggested video. Please mention about how you hunt the auctions, what price they put in the ads, how much you end up pay it. Etc etc.
Thank you so much
From; new follower 🙂
We have paid 10% above the guide price usually that's where the reserve price is at. If the seller is motivated enough, then they will do a deal straight away.
Thanks for the video, as for the auction, how to identify if it is modern?
How to find out about the property before going to the auction to be able to negotiate?
Thank you ;-)
1. You can often find it in the listing description whether it's modern method or not.
2. Speak to the agent at the viewing.
All the best!
Hi, interms of buying a property in auction do you need to provide proof of the money used to pay like your bank statement of the savings in ur account? Thanks
Not necessarily but you certainly need to know how you're going to pay when you win a bid!
Seems like you have to spend some money on the solicitor and structural surveyor (as part of your Detail DD). What should be the budget on this? If I buy the property the normal way (after offer is accepted by landlord), I can put the 'subject to legal and structural" condition in my offer so that I can pull out the deal in case these conditions are triggered. On the auction deal, I may have to spend these money before each potential deal I am interested in. Seems like a cost to early to spend bearing in mind that I may not be interested in the deal (after the solicitor and surveyor works) or lost in the bidding war. How to justify this cost at this stage?
Well, that's the cost of doing business.. After you've spent on a couple, you'll know what to look out for.
Hey both - what about all the extra costs involved with the modern method of auction? The extra fees - like £6,000 which doesn't come off the property price?
Technically it doesn't come off the purchase price, but I know people have negotiated to include it. So it depends!
Do you pay a building surveyor every time when you bid? How can I avoid to pay one but still to buy safe?
Hi Daniela, only if it requires obvious structural work. Usually a good builder can also help identifying issues when they come on viewings with you.
thanks for the video,I have a question, me and my friend are each give half of the funds to buy a house at auction, should do it in my name, or do we create an account together? thanks
What you are describing here is a joint venture, it's up to you to specify the terms you want to structure it with your friend depending on what each party is willing to give and take.
When you made the offer to the owner how did you choose the right amount of money to be convenient for you too and make sure he will accept it?
You never know for sure if people accept an offer but in this case we could offer above asking price and the deal worked for us and for them, too.
Why would you not recommend mortgage for auction? Also any good contact with surveyor?
Whether you use a mortgage for auction or not is more of a timeline issue, would you be able to get the mortgage arranged in time.. We don't know where you are based, so can't advice on a local surveyor.
Hello and thank you
So how would I know how much to bid
Depends on various factors to be honest. Might be worth a video in itself as too long to answer in a short comment here.
If you get out bidded and lose the bid, do you get your deposit money refunded back to you?
If you get outbidded, you don't pay any money.
Hi do we get mortgage for aution properties?
Depends on how long it takes to complete a property transaction
Beware!!!! Auction houses are cunningly putting eye watering charges at the bottom of the special conditions of sale, they are difficult to spot if scanning because they write the numbers in words. i.e two point seven five per cent plus vat. These rip off charges will put on £10,000 extra on the average house purchase. You will still pay other charges on top of this. Many people are getting caught out with these new fees. With stamp duty an investment purchase of an average house will incur fees in excess of £20,000.
How about online auction
This includes online auction
Urgent: please Please any one can give me a good convinacy solicitor who can deal with purchase a property from auction. I bought a property 1 week ago and solicitor he just called me he is personal issue outside ul and have to leave and no longer deal with my case i am stuck now and need to finilise the purchase in 4 weeks now or loose my 10% deposit and extra fees. Need to finilise purchase before 15 jan 23
Did you buy your auction property with cash or mortgage?
We bought one with cash, and another with bridging loan.