When opportunities present themselves visit property auctions and allow yourself to become familiar with the procedure of bidding. Auction rooms are interesting and often daunting places to visit, however, you may find that out of 200 to 300 strong audience – only a handful of people will actually bid on a property.
Buying at auctions can present a whole load of restrictions which can dramatically reduce the time in making calculated decisions on investments. You have the time between the advertising of a property to the auction date to do the following; get a survey, analyse the legal paperwork, research the location, arrange the non refundable deposit, arrange the insurance, calculate the refurbishment costs, submit pre-auction bids, get comparables etc. Pretty much everything you would need to do between a viewing to exchange of contracts on a regular purchase within a 21 to 28 days restriction. Also, any costs incurred for all the preparation can be wasted if your bid becomes unsuccessful on the day. However, if your bid does become successful then you are fully committed to buying the property unconditionally. Failing to complete on time may incur severe financial penalties with a possible loss of deposit.
Ensure all your family, friends and relatives are aware of your property developing as this close and