East London Property For Auction

The property auction process allows motivated buyers to purchase homes without competing in bidding wars, but it requires strategy and caution. Here are tips for navigating property auctions in East London. Viewings are crucial before bidding to identify any issues not evident online or paperwork. Examine the structure, plumbing and electrical systems closely, take measurements and note building regulations. Auction houses generally don't guarantee properties, so thorough prep saves disappointments. Research the location and understand its potential. Auction properties often need renovations, but examine commute times, amenities and the broader housing market. Check for any development plans that could impact value. Obtain finance approval from your lender before bidding day. Auction purchases generally complete within 28 days, so expedited mortgages are needed. Lenders may require surveys too, so accommodate these in timelines. Some lenders provide auction-specific financing products. Attend the auction in person if possible for best insight. Note the pace and competitive spirit. Watch other bidding strategies to glean insights. Bid training sessions are worthwhile, particularly if new to auctions. Sometimes last second telephone bidding is permitted too for remote participation. Set your maximum bid but expect to pay a premium above the guide price as competition often inflates closing amounts. Factor in all potential costs like conveyancing, surveys, repairs and taxes into your upper limit. Bid only if comfortable with payout exceeding estimates. Upon winning, immediately sign contracts and pay the deposit, usually 10% of the sale price. Appoint a experienced conveyancer and property surveyor promptly to expedite due diligence checks. Closing usually occurs within four weeks so stay organized throughout the process. With strategy, diligence and realism about timelines and potential costs, property auctions offer benefits over traditional sales routes and exciting ownership opportunities for keen investors. Just do thorough prep work and know your financial boundaries upfront.