Property Auctions - Grab Your Dream UK Home On The Cheap

**You are free to reprint this article free ofpeople, most likely in a hotel or conference centre.
charge as long as you include the resource box atIt's similar to a large composite, only on a smaller
the end.scale.
Did you know that every year thousands of UKSmall composite - Offer between 2 to 5 lots and
properties are sold atsignificantly below marketwill attract upto 5bidders. The likely venue is likely
value? The majority of these propertiesto be somewhere like a pub,restaurant, church or
arereleased through property auctions wheresmall hotel. Small auctions will generally followa
regular savings of between 10%to 40% aretheme - for example the properties involved may
available to market value. Even so, propertyhave been part of abigger group (such as a
auctionscontinue to be used only by the elite andportfolio of properties owned by one
for the astute buyer/investorthis generates acompany)who believe the best returns will be
fantastic opportunity to secure a dream homeobtained by offering the propertiesfor sale
goodinvestment at bargain basement prices.individually.
For example, at a recent auction a studio flat wasSingle lot - usually for a property that is in great
sold in London for amere £9,000. In another,demand.
a 2 bed flat right on the south coast withIDENTIFYING AUCTIONS
amarket value of upto £100,000 sold forAuctions aren't as easy to find as you might
just £14,000 at auction. Andthose are just aexpect. Traditionallyauctioneers get more than
couple of examples of the bargains that people doenough interest from in-the-know regulars sothey
findat property auctions. However it's alsodon't need to spend much money on costly
important to know the potentialissues andadvertising to the public.
problems when dealing with auctions and toHere's where the list of auction houses that
understand exactlywhere the best deals arecomes with this guidebecomes invaluable. There
available. If you're interested in getting intotheare details on each auction house includingwhich
world of property auctions the below tips & tricksarea the auction house covers. Go through the list
of the tradeshould be very helpful.and identifyones, which cover the areas you are
TYPES OF PROPERTIES FOUND AT AUCTIONSinterested in. Then:
My Online Powerpack Newsletter Subscriber SitePhone the auction house and ask them when their
UK Property Auctions Home Contactnext auction is likelyto be held.
The following is a guide to help anyone unlock theAsk them to put you on a mailing list, which
value availablethrough UK Property Auctions.details forthcomingauctions. Some may charge a
Thousands of homes are available at anygivensmall fee for this, others offer the servicefor
time with property auctions, most of which arefree.
sold at prices farbelow market value. However it'sPrepare a list of questions for each auction house
important to know the potential issuesandyou contact. Theseshould include:
problems when dealing with auctions and toDo you have a mailing list?
understand where thebiggest bargains areHow long do you keep people on your mailing lists
available. Details of thousands ofand can you let meknow if I am about to be
cheap,repossessed & auction properties are alsoremoved?
available at Property AuctionWhat type of properties do you auction?
Bargains.It may also be worth subscribing to certain
Its perfectly reasonable to expect to paypedigree property magazines.
between 15% to 40% less for aproperty atThese include Property Auction News, Under The
auction than you would for the same propertyHammer and Property Week.
through anestate agent. For example, at a recentLocal newsagents usually carry these.
auction a studio flat was sold inTHE INFORMATION AN AUCTIONEER WILL
London for a mere £9,000. In another, a 2PROVIDE
bed flat right on the southcoast with a marketObviously they will provide the details of the
value of upto £100,000 sold for justproperties going underthe hammer at their
£14,000 atauction. And those are just aauctions. These tend to be more detailed than
couple of examples of the many bargainsthatthesnippets given by estate agents (there are
people find at property auctions each and everylaws such as the Property
week.Misdescriptions Act 1991 which make it illegal for
TYPES OF PROPERTIES FOUND AT AUCTIONSauctioneers to givefalse information about a
Repossessions - Sadly for the previous owners,property). On the whole, for any given lotthey will
repossessions can oftenbe picked up at bargainprovide:
prices through auctions.Location
Investment properties - Properties, which areConstruction details
valued due to the returnon investment that theyTenure (e.g. freehold)
provide. Includes everything from individualofficeAccommodation details (e.g. 3 bedrooms etc)
shop investments to blocks of flats.Notes (e.g. refurbishment required)
Rundown properties - Auctions are great placesViewing details
to pickup properties thatare unsaleable in theirSolicitor details
current state. The attraction here is if you cangetAuctioneers usually publish a catalogue with the lot
such a property in a good location at a cheapdetails - this is abook detailing the various
price it's perfectlypossible to refurbish and resellproperties available at auction. These willusually be
on at handsome profits. Indeed thereareavailable a month or less prior to the auction date.
individuals and organisations that make their livingIDENTIFYING REPOSSESSIONS
doing this.Some banks/building societies can be sheepish
Unsaleable properties come under the followingabout revealing that theyare selling repossessed
categories:properties so you need to be alert in theauction
Derelict or in derelict areas.for clues. Auction adverts may reveal that a bank
Subject to severe disrepair.may be theseller of a number of properties, or
Subject to local authority notices.the auction catalogue may state aphrase such as
Subject to closing orders.'on instruction of a liquidator' or something similar
Offered with ambiguous legal titles.-this should tell you that the property being sold is
Sold without access.a repossession. Ifyou are unsure, ask the
Sold with major fencing, paving, drainage or otherauctioneer directly if the lot being offered isa
similarresponsibilities.repossession.
Sold subject to covenants or restrictions, whichFINDING PROPERTY AUCTIONS NEAR YOU
prevent normal use.There are several thousands of properties
Exceptional properties - Include ones that haveavailable for auction at anygiven time all over the
historical meaning andplots which 'get in the way'UK. It's important to understand how
of major development projects.auctionswork before purchasing a property from
TYPES OF AUCTIONone. To find out where you canget hold of a list
Large composite - Tend to have over 100 lots.of UK property auction venues and websites of
Expect well over 300people to attend and theauctionproperties for sale take a look at my
venue to be held in a large hotel orresource box below. I wish youevery success in
conferencecentre. Large composite auctions arefinding your dream bargain home at auction
likely to be run by a singleauction house. The type***************************
of property may be restricted to just oneFind 30,000 Dirt Cheap UK Properties At Auction
(e.g.vacant possession houses, factories,Immediately:
warehouses etc) or may be a mixtureof differentSubscribe to the Online Powerpack newsletter &
types.discover the biggestdiscounts available anywhere
Medium composite - Have between 5 to 100 lotsfor just about everything!
and will typically attractbetween 200 to 500