Here are quick tips on how you can prepare and successfully acquire your first or succeeding property or properties at property auctions:
Know your goals
Know what you want and plan in advance. Whether you want a new house for your family or just a new property to rent for future income, then keep those goals intact and let that be the motivating factor to drive you until the end of the whole process.
Research and register for a spot
Research for any available property auctions that are coming up. Once you have found one with the possible prospects, then register yourself and book for a place for you to bid on a certain date and time.
Browse through the property catalogue
Carefully study the available properties that will be available for auction. Take into account your goals and plans, your budget, and other things that you feel would need to be considered such as the location, the size of the building, the rooms and the like.
Study and seek help from professionals
Once you have found the properties that have attracted your interest, seek help from architects and consultants to help you gauge whether or not the property is a worth it investment and if it coincides with your goals. Do a site visit and ask for a feasibility report so that you can get a first-hand opinion on what professionals think about the property. Your opinion is one, but the opinion of a professional is a whole different story. That opinion might be your guiding principle in choosing which of the options you have would best suit your needs and goals.
Consult regarding the legal matters and prepare the necessary documents
Make sure that you are knowledgeable of the legal requirements and other matters related to your purchase. Ask the solicitor what documents you need to prepare in order to avoid any problems on the day of the auction.
Prepare cash. Remember that in purchasing properties at an auction, a 10% deposit is required to close the bid. The remaining balance must be paid within 28 days following the date of the payment of the deposit. You can seek help from the bank by obtaining a mortgage and the terms and conditions of the mortgage shall be binding between you and the bank.
Study the atmosphere in advance and bid wisely
Observe the atmosphere in advance. Study how people bid and learn the process so when your property comes up for auction, you can bid wisely and get ahead of the game.