| |
| |
|
Real Estate Information |
|
|
Grab Your Dream UK Home On The Cheap - Property Auctions
Did you know that every year thousands of UK properties are sold at significantly below market value? The majority of these properties are released through property auctions where regular savings of between 10% to 40% are available to market value. Even so, property auctions continue to be used only by the elite and for the astute buyer/investor this generates a fantastic opportunity to secure a dream home/good investment at bargain basement prices. For example, at a recent auction a studio flat was sold in London for a mere 9,000. In another, a 2 bed flat right on the south coast with a market value of upto 100,000 sold for just 14,000 at auction. And those are just a couple of examples of the bargains that people do find at property auctions. However it's also important to know the potential issues and problems when dealing with auctions and to understand exactly where the best deals are available. If you're interested in getting into the world of property auctions the below tips & tricks of the trade should be very helpful. TYPES OF PROPERTIES FOUND AT AUCTIONS UK Property Auctions Home Contact The following is a guide to help anyone unlock the value available through UK Property Auctions. Thousands of homes are available at any given time with property auctions, most of which are sold at prices far below market value. However it's important to know the potential issues and problems when dealing with auctions and to understand where the biggest bargains are available. Details of thousands of cheap, repossessed & auction properties are also available at Property Auction Bargains. Its perfectly reasonable to expect to pay between 15% to 40% less for a property at auction than you would for the same property through an estate agent. For example, at a recent auction a studio flat was sold in London for a mere 9,000. In another, a 2 bed flat right on the south coast with a market value of upto 100,000 sold for just 14,000 at auction. And those are just a couple of examples of the many bargains that people find at property auctions each and every week. TYPES OF PROPERTIES FOUND AT AUCTIONS Repossessions - Sadly for the previous owners, repossessions can often be picked up at bargain prices through auctions. Investment properties - Properties, which are valued due to the return on investment that they provide. Includes everything from individual office/shop investments to blocks of flats. Rundown properties - Auctions are great places to pickup properties that are unsaleable in their current state. The attraction here is if you can get such a property in a good location at a cheap price it's perfectly possible to refurbish and resell on at handsome profits. Indeed there are individuals and organisations that make their living doing this. Unsaleable properties come under the following categories: Derelict or in derelict areas. Subject to severe disrepair. Subject to local authority notices. Subject to closing orders. Offered with ambiguous legal titles. Sold without access. Sold with major fencing, paving, drainage or other similar responsibilities. Sold subject to covenants or restrictions, which prevent normal use. Exceptional properties - Include ones that have historical meaning and plots which 'get in the way' of major development projects. TYPES OF AUCTION Large composite - Tend to have over 100 lots. Expect well over 300 people to attend and the venue to be held in a large hotel or conference centre. Large composite auctions are likely to be run by a single auction house. The type of property may be restricted to just one (e.g. vacant possession houses, factories, warehouses etc) or may be a mixture of different types. Medium composite - Have between 5 to 100 lots and will typically attract between 200 to 500 people, most likely in a hotel or conference centre. It's similar to a large composite, only on a smaller scale. Small composite - Offer between 2 to 5 lots and will attract upto 5 bidders. The likely venue is likely to be somewhere like a pub, restaurant, church or small hotel. Small auctions will generally follow a theme - for example the properties involved may have been part of a bigger group (such as a portfolio of properties owned by one company) who believe the best returns will be obtained by offering the properties for sale individually. Single lot - usually for a property that is in great demand. IDENTIFYING AUCTIONS Auctions aren't as easy to find as you might expect. Traditionally auctioneers get more than enough interest from in-the-know regulars so they don't need to spend much money on costly advertising to the public. Here's where the list of auction houses that comes with this guide becomes invaluable. There are details on each auction house including which area the auction house covers. Go through the list and identify ones, which cover the areas you are interested in. Then: Phone the auction house and ask them when their next auction is likely to be held. Ask them to put you on a mailing list, which details forthcoming auctions. Some may charge a small fee for this, others offer the service for free. Prepare a list of questions for each auction house you contact. These should include: Do you have a mailing list? How long do you keep people on your mailing lists and can you let me know if I am about to be removed? What type of properties do you auction? It may also be worth subscribing to certain pedigree property magazines. These include Property Auction News, Under The Hammer and Property Week. Local newsagents usually carry these. THE INFORMATION AN AUCTIONEER WILL PROVIDE Obviously they will provide the details of the properties going under the hammer at their auctions. These tend to be more detailed than the snippets given by estate agents (there are laws such as the Property Misdescriptions Act 1991 which make it illegal for auctioneers to give false information about a property). On the whole, for any given lot they will provide: Location Construction details Tenure (e.g. freehold) Accommodation details (e.g. 3 bedrooms etc) Notes (e.g. refurbishment required) Viewing details Solicitor details Auctioneers usually publish a catalogue with the lot details - this is a book detailing the various properties available at auction. These will usually be available a month or less prior to the auction date. IDENTIFYING REPOSSESSIONS Some banks/building societies can be sheepish about revealing that they are selling repossessed properties so you need to be alert in the auction for clues. Auction adverts may reveal that a bank may be the seller of a number of properties, or the auction catalogue may state a phrase such as 'on instruction of a liquidator' or something similar - this should tell you that the property being sold is a repossession. If you are unsure, ask the auctioneer directly if the lot being offered is a repossession. FINDING PROPERTY AUCTIONS NEAR YOU There are several thousands of properties available for auction at any given time all over the UK. It's important to understand how auctions work before purchasing a property from one. To find out where you can get hold of a list of UK property auction venues and websites of auction properties for sale take a look at my resource box below. I wish you every success in finding your dream bargain home at auction About The Author Find 30,000 Dirt Cheap UK Properties At Auction Immediately: http://www.global-ebooks.com/Property_Auction_Bargains.htm Subscribe to the Online Powerpack newsletter & discover the biggest discounts available anywhere for just about everything! Send an email to tukshad@global-ebooks.com
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
A Real Estate Investing Primer There are a great many books and web sites devoted to real estate investing out there, but most of them concentrate on one specific area of investing. It's often hard to find a general description of real estate investing, one that lists the various real estate investing strategies and how to get started. The Echo Boomers - The Next Big Consumers The Echo Boomers or Generation Y currently make up about one third of the US Population. Many of the Echo Boomers are starting to reach an age where they want and need things like, Houses, Cars, Insurance. Directionals Move Properties One of the most effective and frequently overlooked methods of filling or selling a property is the use of directional arrow signs. I'm guilty of it myself, although usually I'm merely lazy instead of overlooking this great marketing technique. Seven Questions You Should Ask When Buying a Condo Hotel Unit You may have heard all the buzz about the newest type of vacation home investment, condo hotels. These are condominiums located in four- and five-star hotels in cities like Miami, Orlando, Las Vegas and Chicago. Selling Your Home Yourself - Pricing It Appropriately When you're selling your own property, whether it's a house, townhouse, condo, apartment, a finished lot, raw land, a farm, a ranch, or whatever, the first thing to get right is the price you ask for it. If you work with a broker, the legwork is done for you. Pricing your House to Sell Most Sellers set their initial asking price at an amount somewhat higher than they are actually willing to accept, fully expecting a buyer to open the bidding with a lesser amount.While price is the most frequently negotiated item in any home sale, you may be able to creatively provide financial value to your buyer - without lowering the price alone. Buying Land Online In the old days people generally only bought land and improved Real Estate in the areas in which they lived or traveled often. Today, thanks to the blossoming of the Internet, one can purchase land all over the United States from the comfort of home. Selling Houses with Curb Appeal and Design Psychology Curb appeal is the most important challenge you'll face when selling your home. You must make home shoppers feel like getting out of their car to see what's behind the front door. What Can I Realistically Earn In A Lease Purchase Business? If you're looking at Lease Purchasing as a business, you'll obviously want to earn much more than the $20,000 per year in our "How To Give Yourself A $20,000/Year Raise Without Asking Your Boss" article. Let's review the numbers from that article: For every 100 calls Sue makes on For Sale By Owner property, she either speaks with or leaves messages for about 60%. Law & Logic of Homeowner Association Capital Reserves In October 1999, Oregon was one of the first states that enacted a significant improvement to its Condominium and Planned Community regarding capital reserve planning, a process by which homeowner associations plan and fund future repairs and replacements. For many associations, the process became mandatory although there was an "escape clause" for pre-October 99 Oregon communities. Conversation & The Real Estate Investor One key that makes investors is conversation or should I say "The Art Of Conversation".All successful investors are skilled in conversation and I'm not talking about the investors that does 10, 20 or even 30 deal a year! I'm talking about the "BTO" Big Time Operator; The Big Dog's slamming down 100 or more deals every year. Should You Sell Before the Housing Bubble Pops For the past several years housing prices have risen dramatically. With interest rates continuously moving up, and more and more people being priced out of the market, all signs point to an imminent housing market correction. Talk to a Lender Before You Sell Your Home If you're looking to sell your home quickly, and for top dollar, the best thing you can do is to be able to offer your buyers some sound financing options. That's why developing a relationship with a lender can be the key to a quick sale, and to more money at closing. For Sale By Owner: The Inside Scoop On Selling Your Own Home If you're thinking about selling your home perhaps the 'for sale by owner' signs posted on neighborhood lawns have intrigued you. When you browse the newspaper listings you see ad after ad boasting 'for sale by owner' as an added incentive for buyers and you envy the owners that are confident enough to try it. Jacksonville Real Estate Listings With over 30,000 residents, Jacksonville in central Arkansas is a thriving city that offers many opportunities for both longtime residents and newcomers alike. About 20 miles from the state capital of Little Rock, the city is expanding in many ways. Why Commercial Real Estate is the Hottest Retirement Asset For small business owners, commercial real estate investment is the hottest new retirement asset. If your mind has already jumped to "REITs" - or shares in Real Estate Investment Trusts - think again. Log Homes - What is the Log-Home Lifestyle? Typical log home company advertisements in popular log home magazines talk about the "log home lifestyle" or "it's not just a home, it's a lifestyle." What does this mean? What is "the" log home lifestyle?It's often difficult to discuss the particulars of log home living without also talking about where the log home is located. Expense List for Buying a Home There are many expenses that come with buying a home. The following list is a good example of what to expect:Down payment - A minimum of 20% of the home's purchase price is usually required for the best loan terms and to avoid paying private mortgage insurance (see below), but it's entirely possible to buy a house with a smaller down payment. How to Make a Home for Sale Flyer Using Marketing Psychology Want to sell your home right away, for the highest profit to you? Discover how to improve on the Realtor's number two sales tool--right after the sign--your sales flyer.Most real estate agents use a sales flyer template which showcases their listings using out-of-date marketing strategies. Helpful Hints for First-Time Home Buyers Buying a house can be a daunting task, even for someone who has owned several homes. My husband and I recently purchased our first home together, and it was hard to find good advice that we truly found useful.
|
| home | site map |
| © 2006 TIGER MEDIA |
