The tangible excitement and potential for a bargain are just two of the factors that make Property Auctions UK so appealing in the UK. Although such events are not for the faint-hearted, an auction is a place where great deals can be found. Buyers may also experience far fewer delays than in the open market. However, there are a few pitfalls which newcomers should be aware of before they commit to purchasing a property at an auction.
Traditional Versus Modern
Traditional auctions usually require the buyer and seller to be in attendance. At the end of the process, the winning bidder must exchange contracts with the vendor immediately after the auction ends. A modern auction – sometimes referred to as a conditional auction – simply requires that a non-refundable reservation fee is paid in order to reserve the property for a period of 28 days. Contracts must be exchanged within that period, and a further 28 days is given for the completion of the sale. The vast majority of buyers prefer the modern auction as it provides a far greater level of flexibility.
The Benefits of Buying Property at a Modern Auction
Major auction houses have made the process of buying property exceptionally easy. It is often
possible to place bids via telephone, and an increasing number of auctioneers are allowing online bids. Indeed, some online-only auctions last for up to 30 days, and that can give buyers plenty of time to think each bid through fully. Once a bid has been deemed to be successful, the…