When it comes to finding your dream property, there are a number of ways you can buy it. And an increasingly popular choice is through an auction – be it in person or online.
Below, we’ll take a look at all the advantages of buying a new build through an auction, helping to dispel some of the myths that the properties being sold are full of problems or have been repossessed:
- Quick and Certain Sales
One of the greatest benefits of buying at an auction is how quickly the entire process can be completed. Unlike traditional sales, which can take several months, purchasing a property at auction can be complete in a matter of weeks.
Essentially, if you’ve placed the highest bid when the hammer falls, you’re the legal purchaser of the property and have exchanged contracts. You can’t change your mind. This means, on the day of the sale, you’ll need to put down a 10% deposit before paying the remainder up to 30 days later.
- Fairness and Transparency
Specialist companies like Allsop have taken all of the necessary steps to ensure auctions provide both the seller and buyer with optimum results. This auction model creates a much more honest and open buying and selling process.
On the day of the auction, you can see who else is bidding on the property, even if you’re taking part online. This removes any of the risks of double-selling or gazumping, as everyone who’s bidding is a serious buyer and is involved in the auction – and as long as you’re paying one increment higher than the other bidders, you can be reassured that the property is going to be yours.
This also creates a level playing field as there’s no pressure to be the first one to place an offer on the property. Instead, you can view it prior to the auction before taking the time to consider all of the important factors involved in your property purchase – you won’t feel rushed into making a decision because you don’t want to miss out.
Furthermore, deals don’t fall through due to breakdowns in communication or lengthy delays from the vendor/buyer.
- Straightforward Buying Process
To purchase a property at auction, you don’t need to jump through hoops. All you need if you want to bid are the details of your solicitor, identification (e.g. your proof of address and passport or driving licence) and an acceptable means of payment for the property deposit, including a banker’s draft, debit card or cheque.
- Access to More Properties
Oftentimes, there’s more access to a great range of properties when you’re buying at auction too. Many developers who are selling new builds will take their properties straight to auction, allowing you to choose between a number of properties, including those at the lower- and upper-end of the market. And, as demonstrated on a lot of TV programmes, it’s sometimes easy to find a real bargain at an auction, too!
- Easy to Bid
Many auction houses will offer a number of different ways you can bid, which is great if you can’t be at the auction in person due to work commitments, holidays and so on. For example, you could place your bid by proxy, whereby the auctioneer will place these bids for you, up to the limit you have specified. Or, if you want to do the bidding yourself, you could do this over the phone with one of the staff or online via your tablet or PC.
As you can see, buying a new build property at auction offers you a whole host of fantastic benefits. Just remember – once the hammer falls, if you’ve placed the highest bid, you’re the property owner – there’s no going back!