Looking To Buy
Property At Auction?
Wednesday 10th of March 2010
Looking To Buy Property At Auction?
IMPORTANT: Read This First ...
Buying and selling property at auction can be a very good way to find property investment deals.
Many homeowners who are unable to keep up their mortgage repayments for what ever reason, are falling into arrears and having their homes repossessed by the banks.
These repossession properties often go for heavily discounted prices at property auctions especially as house prices in the UK continue to fall.
Buy At 15% Below An Independent RICS Valuation
Lenders are trying their best to gain back some of the money borrowed on these properties and want to get them sold as quickly and efficiently as possible.
But ... buying property at auctions is not always a safe option.
The residential property investment market in the UK is at an all time low, and there is some excellent investment property for sale currently.
Investors must be made aware of the risks of buying property at auction, even if the property is offered substantially below market value.
Firstly, the area of the property must be taken into consideration when purchasing a rental property investment deal.
If you purchase in an area which has high crime rates, high unemployment, and a property which is in an area without high rental demand ... you are going to face problems.
The same applies if you are purchasing commercial property investments ... you need to know that it is in a suitable place to rent.
So, an investor is highly recommended to do as much research into areas before proceeding to buy.
The condition of property is also something that is not known when purchasing from a property auction.
There could be severe problems with the property that you would only know if you had either seen them for yourself, or had a survey carried out on the property before hand.
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Best Regards,
Colin Parker
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