At property auctions, ‘off the wall bidding’ is where an auctioneer invents a bid to drive bids in the room higher towards the reserve price. It sounds bad but it isn’t. If the reserve price isn’t met then the bidder, being pushed higher, could not have bought the property, anyway. [Read more…] about What Is Off The Wall Bidding? | Property Auction Tips
Andy Thompson from SDL Auctions
Much of what is sold through property auctions are sold below market value so this is still one of the best ways of picking up BMV property. But it isn’t uncommon for houses to be sold at over market value as well. It depends entirely on the motivation of the buyer so this is the first thing you need to look at. [Read more…] about An Introduction To Buying BMV Property At Auction
A seller might get less for their property and a buyer forfeits their right to change their mind but property auctions offer speed, certainty and a level of security, that is impossible to achieve when you buy or sell a house through an estate agent. [Read more…] about Are Property Auctions Better For Buyers Or For Sellers?
When it comes to property auctions, one thing you must pay close attention to is the legal pack. If you don’t know what you are signing up for then you might be in for a nasty surprise which could come in the form of additional costs, a shorter completion period or a whole host of other things. [Read more…] about Property Auctions | What Exactly Is In The Legal Pack?
At a property auction, there is a guide price and a reserve price. A guide price is what a buyer will see in the auction catalogue and is a guide to the value of the sale. The reserve price is set by the seller and represents the minimum that they are willing to sell for. [Read more…] about What Is A Reserve Price? | Property Auctions
The process of buying a house at a property auction has three distinct phases. Firstly there is the preparation period after the catalogue has come out. Second is the day of the auction, itself. And, third is the completion period after which the property and the keys are yours. [Read more…] about How Do Property Auctions Work?