Are Property Auctions worth it? What you need to know!
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- čas přidán 18. 04. 2021
- So you've thought about buying a property in auction? Television shows such as Homes Under the Hammer made it seem like anyone can just buy any property at auction and anyone can make profit! However in reality understanding how lucrative property auctions are very important and nI wanted to create this video about Property Auctions (which you've asked for). As property investors it is important we understand which properties will make a great investment and which ones you need to be staying away from because even though they are at auction doesn't guarantee a profitable property investment!
I've bought properties at auction and I've sold properties at auction and in this video I'm telling you the good and bad of property auctions.
Make sure you subscribe to not miss out on my upcoming videos! / jamieyork
IF you want chat about anything Property Education then drop me a message on instagram and put "CZcams" So I know you're not a robot :) @JamieYorkAspire
Great video as usual Jamie. As regards the due dilligence, just wondered what your take is on the following comments I heard for properties I'm considering buying;
1. Always get a Solicitor to go over the legal pack (approx cost £200 - £300 per property)
2. Always get a Surveyor to check the property for soundness and Market value (approx cost £200 -£300 per property)
3. If you're not capable, have a trusted builder check the property and how much to refurb if necessary ( £100 - £150 to keep him sweet)
As one can imagine we could be talking about £500 - £750 per property, and we might not even win it at the Auction.
So do you think these costs are 'realistic' and necessary (i.e. just some of the costs of doing business) or can we save in some areas. Thanks again, great job.
James
Great question mate! I hope you get an answer so we can all benefit!
Great video thanks for the great information and well delivered. This is exactly what I was looking for.
Glad it was helpful!
Brilliant content every single time. Binge watched all of them! Without question best content on CZcams!
I love you too John!
@@JamieYork lol means a lot Jamie 😂
Frequent quality content! Rare from a CZcamsr these days! 👍
Glad you think so!
Great video Jamie, enjoying your content! I would say get a good/experienced solicitor if you are buying at auction using bridging... I recently lost my deposit (along with all the other associated fees) and had the contract rescinded as a result of the solicitor not getting the finance in place in time for completion
This is brilliant!
Awesome as uSual
Can you do a video on how to best understand the legal packs
Great video Jamie
Glad you enjoyed it
Have a good day everyone ✌️
YOU HAVE A GOOD DAY!
Can you do something on bridging loans.
I really enjoy your content keep it coming 😊
Great suggestion!
Hi Jamie, are there time limitations if you are purchasing with cash with a view to conversion to a BTL mortgage as part of Brrr strategy?
i hear what your saying about the pros and cons on leverage.yeah it could be 4 million,but then the strategy changes and how quick is that turn around and what sort of profit?
theres always a could be doing things another way,just gotta choose whats right for you.
Thanks for the info
No problem 👍
@@JamieYorkany good solicitors to check legal docs and good banker for bridge loan plz advise me
A bit late to the party here. QQ. At which point would I engage a solicitor during this process? Before the auction? And what else might they be needed for after the hammer falls up until completion? Thanks
Hi, great video. Will you do a video on pros and cons of buying an auctioned property or if it’s a better idea than for sales?
Great suggestion!
Would love a video on what to look for in a contract and legal pack? love the vids
Interesting Suggestion!
Just come across your video, great info but could also add a section regarding the auction fee’s since some sites charge upwards of £6k + hidden cost amounting to £9k plus which some buyers may not be aware or thus increasing the bid cost of property. Not good
My fear is that if there was a sudden property crash you might not be able to get a bridging loan… or you might get the bridge and get stuck on it
Can you make a video on Leasehold and Freehold properties. Thanks
I have (Well, it is my Flat v House Video)
As a buyer, know your limit. Not a penny more. There'll be another deal there. Get the solicitor in first to protect you from emotional drive. Don't be upset if you don't get anything that day. Try to understand the seller a little bit.
That's what I got.
YES! You've got it Alex!
Great content Jamie, just wondering if you can give me a good auctioning website that I can go on, that I can sit and watch an auction?
Search "Property Auctions near me" and you'll. be able to find some!
Are company’s like Aucspace worth using to look at the legal pack ?
I'm not sure.
Great video. Are there any red flags in the legal pack to look out for?
May not be a red flag per se but look out for missing information in the legal pack and sometimes they upload the legal pack last minute(the day before). Get a solicitor to throughly look over the legal pack and also give yourself ample time to conduct your DD
There is nothing specific as such. I'd make sure to go on Land Registration and make sure it is the same property on there!
Bridge to let sounds interesting. What if the plan is to live there, does anyone know if bridge to buy (as in live in yourself) exists?
Hey man, so it wouldn't then be an investment so I wouldn't recommend a Bridge to live strategy!
@@JamieYork ah ok, thanks!
The trouble I'm having is understanding when a property is considered 'habitable'. They have mains supplies, easy fix ups for me, but lenders so far have said they won't lend. (Just need small mortgage).
I've seen someone bid against themselves 😏
hahaha
I sometimes literally binge-Watch that programme "Homes under the hammer " it's interesting seeing how people turn some really horrible properties into incredibly beautiful homes.
I know right!
One benefit of auctions for a buyer is you've bought it, no seller taking higher offers/bent agents playing two buyers etc
Very true!
You can get fake bidders though
First
Fuck I was about to say that
@@tenpencethomas
Guess you write second then
Soooooo quick!
You forgot to mention the fake bidders hired by the auction house to increase the price 😅
Are auctions still worth it? 🤔
no they are not i get most of my properties thru dodgy estate agents for backhanders .
If that works then great!