Bidding For Auction Property? Here Are Some Tips (Part I)
Find fair value
It is important to know the value of property in the locality so that you can estimate what could be your maximum bid. Don’t get tempted in the auction and bid higher than what is maximum set to you by your solicitor. If you are not comfortable, try to get someone else bid for you. You can even bid by proxy by specifying the limit.
Things required on the auction day
You should know what to bring on the day of auction with you like ID to get yourself registered and bid. You must also know ahead of the auction day what are the payment methods accepted.
If you succeed in bidding, usually you need to exchange contracts and thereafter pay a small deposit, which is 10 percent of the purchase price most of the time.
You get four weeks to complete all the procedures and if you fail it will cost you heavy. You may lose your deposit money and the seller can also sue you for it.
Experts here suggest to deal in cash to avoid such circumstances instead of dealing with a mortgage.
The guide price is the expected price by the auction house for the property, but usually they fetch much more. However, sometimes the auction house also fails to get the guide price. In such case a separate deal is made with the seller via the auction house.
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