Property auctions can offer bargains

The decision has been made to take the step to invest in property or maybe you want a cheap property to fix up yourself. Property auctions are great places to purchase but it is important to know certain things about auctions.

Before the auction, make sure you visit all the properties you are interested in. There are those that buy without seeing but possible risk and financial failure is much higher. Problems with buildings can be very costly and with some of them your costs can actually double or triple.

It is best to attend one property auction without participating before you actually go to one to bid. That is because it is best you get acquainted with the atmosphere that goes into buying something with large sums of money. Even though they seem slow moving and quiet auctions are very tense when bidding and the best thing is to never give away your thought are intentions. It is similar to a poker match do not allow anyone to read your face.

The biggest danger is getting caught up in the moment and getting carried away. If the house you are bidding on is for personal use, then this is the easiest way to get carried away. You should have a limit and take someone along who is neutral to the purchase and who can stop you if need be. You may even want someone else to bid in your place if you feel you might get carried away.

And also remember the smiling auctioneer is doing that to make money, he isn’t a friend. Part of what they do is to get bidders to give that next thousand quid so the house can be theirs. They are real convincing but their only interest is increasing the amount of commission they put in their pocket.

One of the most important things is to make sure proper financing is in place and can be used within 30 days in order to complete the sale. The worst thing you can do is assume you will get the financing before that period is up. Having financing in place ahead of time is important otherwise you risk losing a 10% deposit or even having a breach of contract law suit brought against you.