Property for Auction in Abbey Wood, South East London 🏡

The property market in South East London offers buyers options to purchase homes through traditional agents as well as property auctions. For those interested in the latter route, this guide will outline everything you need to know when bidding for a home at auction. Auctions provide opportunity for first-time buyers and investors alike to access properties below market value if you do your research. Viewings allow inspection to identify any repairs needed. Consider factors impacting value like location and potential rental yield. Research sold prices for comparable homes to estimate market value and set a sensible maximum bid. Auctions move fast so know your limit and don’t get swept up in bidding wars. Access free sites comparing sold auction prices locally. Thorough due diligence is a must when purchasing this way. Check for any outstanding loans, taxes owed or legal disputes before bidding. Use the services of an auction solicitor specializing in conveyancing to handle important pre-auction paperwork checks for a small fee. Understand terms of sale which vary between auction houses. Most require a deposit payment on the day with completion usually within  days. Finance and surveys should be arranged well in advance if relying on a mortgage to fund the purchase. Some auctions allow proxy or online bids if you can’t attend in person. Ensure contact details are correct and bid limits clear to your proxy bidder to represent you effectively on the day. Don’t forget additional purchase costs like taxes, surveys and solicitor fees on top of the winning bid price. A 10% deposit is standard with the balance due on completion. With prudent planning and awareness of risks, property auctions open doors for determined buyers to secure homes offering good value and investment potential. Just make informed decisions and don’t get swept up in auction fever!