Buying A Home At Auction, Property Guide, Furniture in Fashion
Buying a home at auction gives you an opportunity to bargain for the desired piece of property. If you want to buy a home at auction, you should make sure the auctioneer you choose is the member of RICS, international organization for property, land and construction professionals. RICS members adhere to strict rules of contract, which makes the cooperation with them safe and reliable. You can always count on their expert advice and there is a complaint processing service offered in case you are not satisfied with the procedure.
Buying at auction has a lot of advantages and many people, both buyers and sellers use auctions to make property purchase contracts. As a buyer, you are always at a risk that the property owner gives preference to someone who offers bigger price, almost until the moment the contract is finalized, but when you bid at auction you openly compete with other bidders and the process is completely transparent. You decide on the highest price you want to afford to pay and can drop out of competition if you are not ready go further.
Buying at an auction also saves you from the lengthy and tiresome purchase process. You can finalize your purchase in a matter of days, given that your auctioneer is the member of RICS. The seller cannot take his offer off the auction or refuse to sell property you, once your bid has won. The seller also enjoys a number of advantages, such as good media coverage as auctions are usually widely advertised through a number of media channels, confidence that the property will be sold for the highest possible price potential buyers are ready to offer; also, they are attracted by the speed of the completion of the contract, as many want to sell their property fast. If the auctioneer is a RICS member, the fall of the hammer marks the binding contract. The memorandum of sale is then signed with the buyer and the property is sold in 20 days.
As a buyer you will have enough time to study all the lots prepared for the auction and consider which one to choose and how high you want to bid. One more thing you will have to take care of is the initial deposit (which is usually 10% of the purchase price). You can find more information on buying (or selling) property at auctions on RICS website. There is a complete guide to auctioning process offering comprehensive and detailed information on all the specifics and ensuring that the procedure of buying and selling at auction is profitable and mutually beneficial
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