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Deciding what we want is the first step in getting it. Whether it is a sports car, an appliance, or our favorite kind of snack food, we must first determine what exactly it is that we want. That is half the battle. Then we must find out where we can find it, and how to get it. Like other facets in life, that includes buying UK homes at auctions. We know that buying homes through auctions saves us both time and money—which is a huge relief in today’s lightning-paced world. We know that property auctions allow us to search more homes and save more money, in less time. But how can we find the auctions that can provide us with such homes?
 
When buying your home at auctions, the first step is to find those auctions. By following some basic tips, you can find the property auctions that will ultimately lead you to the house of your dreams:
 1. A hunt worth the trouble  
Whether we are hunting for foxes, pigeons, or our car keys, sometimes the task can be quite daunting. This is also true when trying to secure information from auction houses. Auction houses often approach property auctions as an exclusive club, by only informing professionals in the real estate business about upcoming auctions. The implication is that the properties can be sold within the industry, and the general public is unnecessary in the process. So is it worth trying to hunt down details about future property auctions? If you enjoy saving a ton of money, then the answer is “Yes!”  
 2. Barking up the wrong phone book
When you open up your local phone book, you may be thrilled to see the number of listings under “auction houses.” But before you conclude that you have hit the jackpot, keep in mind a few important tidbits. While “auction house” includes several entries in the local phone book, many of them feature items such as furniture or artwork. While such auction houses may have some interesting items, they will not help you to land a property auctions sale. In fact, the number of property auction houses is often few and far between.
 
Another issue when locating property auction houses through local books is that while the auction house may be local, the properties may not be. For instance, an auction house in London may be selling properties in Dublin, and an auction house in Edinburgh may be selling houses in Manchester, and so on. 
 3. Signs of the (auction) times.
One of the best ways to learn about properties being sold through auctions is the old-fashioned way: doing the footwork yourself. You could drive around neighborhoods specifically looking for “For Sale” signs that mention that the property will be sold through an “Auction.” When you spot a property that looks promising, jot down the phone number posted on the board.
 
However, sometimes lady luck is on your side. You may be driving to your mother-in-law’s house, a dental appointment, or a Star Wars convention, and may spot one of these signs by chance. Again, jot down the number on the “For Sale” board. Buying a property through any means is always a numbers game. The more properties you look at, the better the chance of landing the one you want.  
 4. Making the call
When you call the phone number posted on the “For Sale” board, you will either contact the Real Estate agent selling the property, or perhaps the actual auctioneers. If you get the Real Estate Agent, ask politely who the auctioneers of the property are. Be prepared for the possibility that the Agent may give you the old runaround, trying to “assist” you directly, instead of connecting you to the auction house. 
 
If you are fortunate enough to get the phone number to the auctioneers, request to be added to their mailing list. This could include receiving a catalog of the properties available for auctioning. Nothing is guaranteed. But as I once read on a bumper sticker, “You only fail when you stop trying.”
 5. Tomorrow never comes.
Remember that the early bird catches the worm. You need to jump on the properties for sale at auctions, like a cat on mice. Getting an auction house’s latest catalog and house property auctions guides is the key to getting a jump start over the competition. The Real Estate Agents have those resources, so you will need them to. Overall, you will require roughly a month to prepare for the property auction.
 
Also, remember Murphy’s Law. There may be some pitfalls along the way to purchasing property through an auction. If you are auctioning online, remember that computers, like any other machine, are not 100% reliable. Give yourself plenty of time to prepare for the chance that whatever can go wrong, might go wrong. 
 6. The auction time and place are just the beginning
After learning when a property auction will be, and which properties it will include, these tips for buying at auction will help you to prepare for the main event:
 

• Never bid on anything that you have not seen yet. A home is one of the biggest investments you will ever make, so you might as well see what you are bidding your hard-earned money on. Since you are dealing directly with the seller, you can visit the property as often as you would like. In particular, check the house for damage and signs of aging.
• Few of us can purchase properties with cash. Determine if you would be qualified to take out a mortgage on the property.
• Verify that the seller’s name is the same one as the one printed on the title deeds. This may seem obvious, but doing this check can save you a ton of headaches later.

 
It may seem overly obvious, but before purchasing a house through a property auction, you need to know when and where the auction will be. By following some basic guidelines and having some extra patience and determination, you can find the right house, through an auction house. 

Tags: house property auctions guides | house property auctions guides | buying your home at auctions | buying your home at auctions | Tips for buying at auction | Tips for buying at auction | property auctions sale | property auctions sale

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This entry was posted on Wednesday, June 25th, 2008 at 10:09 am and is filed under Realtor brokers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.