How to buy real estate at auction?

12.01.2011 17:12
Buy real estate at auction - a matter of minutes, but requires thorough preparation.

If you are going to buy a property abroad should consider buying at auction. You may be able to conclude a bargain, especially if the hammer sold off confiscated property.

Related article: How not to lose a customer when selling suburban real estate

One major advantage of the auction is that you can avoid delays: instead of several months at a standard deal, at auction real estate becomes the property of another person within minutes.

Before heading to the auction, you need to know more about its rules and property, which will be offered for sale.

Preparing for the auction

Request a catalog of the auction house that interests you. Most of the houses publish such a directory in a few weeks before the auction. Ask whether the service provided by e-mail directories.

Browse Catalog by paying attention to every detail. Choose a house or apartment, you would like to buy, and not too lazy to go to the address and view the property.

Talk to potential neighbors and local realtors about housing. Make sure the property description in the catalog correspond to reality.

Find out what real estate prices in this area.

Read a directory on the rules of purchase. Ask a professional to comment on these conditions.

Determine how much you're willing to spend. Please note that normal part of the amount required to pay on the day of the auction, and the rest - in the next few days. For example, in the UK on the day of the auction must pay a deposit of 10%, while the remaining 90% - within the next 28 days. If you do not have time to pay the balance of the deposit is not refundable.

If you plan to take a loan, advance, consult the bank, how much can be expected.

Remember that your bid at the auction for the purchase of legal force is equal to the signing of the contract.

If you are unable to personally attend the auction, then most likely you will be able to participate in it, using the telephone or other means of communication. Talk about it in the auction house.

What should be done on the day of auction

If you're a gambler, and afraid that will not be able to stop in time to bid, instruct the trustee to bargain for you. Tell him how far you can put a price on.

Bring two documents proving your identity, checkbook and all the bank details.

If possible, arrive early to get used to the atmosphere of the room and feel more confident in it.

Register as a bidder.

Take in the auction list of lots of employees. Perhaps some of the objects listed in the directory will not appear on the list, since withdrawn from the auction or already sold.

Take a seat in that part of the hall, where the auctioneer can see you well.

When you want to bet, your gesture is to be understood by the auctioneer. It is desirable to raise their hand because the other movements can be overlooked or misinterpreted.

If you have set the highest possible price for you and someone else offered more, - does not bargain on, but do not despair. Perhaps the deal for whatever reasons did not take place, and then the seller will want to contact you. To do this, leave the auctioneer contact details.

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