Buying property at an auction
We are independent building surveyors with a wealth of experience in property. We personally have bought at auction, both for companies and for ourselves (in fact we have never bought a house from an estate agent!). We offer a structural survey service on either a one-off property, if you are just looking at one specific property at an auction, or we can offer a day with a surveyor where you can have verbal advice as you go along or, at the end of the day or the next day, a written report in an agreed time scale.
If you would like help or advice with regard to Building Surveys, Structural Surveys or Commercial Building surveys please call us for a free no obligation friendly chat on 800 298 5424.
Why do people sell at auctions?
Often this is known as the D's, as distressed situations can relate to debt, divorce, death and downturn in the market. We have found it is always a great help if you understand why the owner is disposing of the property. Unfortunately, you rarely do know the real reasons why people are selling.
Property bought at auction with a structural problem
Whilst this is a unique situation, it does show the sort of advantages that can be achieved (and profit made) if you understand the issues with the property of buying at auction and plan before you buy at auction!
I am looking to buy a home at auction, what should be my main considerations?
We have come across a situation where a property was being sold at auction due to neighbours from hell living next door! (This is why it is so important to visit the property and is why we always recommend knocking on the neighbours' doors and this is what we do if we carry out a structural survey for you, because you can buy the right property with the wrong neighbours!).
Buying a home at an auction is about budgeting both in time and money for the inconvenience
Have you see the excellent programme by Jeff Howell on Channel 4 called Don't Blame The Builder?
For more about buying a house as a home please contact us for a friendly chat and please see our article on how to choose a good builder.
Buying a house as an investment
Buy right, rent right, sell right
Equally, we also have the categories of the investment seller, which needs the certainty of a sale that an auction gives.
Buying at the right price
Unless you know the property market well and understand the structure of property, then you will need some advice somewhere. You life isn't necessarily as it is on TV property programmes, such as Homes Under The Hammer, Location, Location, Location, To Buy or Not to Buy, Property Ladder or Grand Designs, to name but a few. Remember that property TV programmes are about entertainment, not education. Some of the boring things that need to be done never get seen or shown but they nevertheless need to be done and some of the costly mistakes.
Here are some articles we have written about some of the property programmes mentioned above that may be of interest of you.
Picking the right price is what the market value is, less the cost of any work that you need to carry out, less any profit margin and make sure you stick to that price. We literally saw only a few weeks ago people paying at the auction higher than they could afford in the high street. This can only be due to them getting carried away at the auction (auctioneers are skilled at their trade after all, doing it week in week out), that they hadn't carried out the right research to buy the properties at the right price, that they had more money than they knew what to do with, or that they had recently won the Lottery!
We also dealt with a public house, ironically called The Bitter End, where dry rot was identified in it and in the adjoining property. A very large property company simply decided to sell the public house and the adjoining shops. There are, of course, many properties sold in auctions that don't have any property problems at all and we just want to make absolutely sure that you are not the person buying the one with the property problem!
We would refer you to our article Buying at auction, frequently asked questions, where we have put together some frequently asked questions regarding buying at auction.
We have produced the following articles about buying and selling at auction which you may find interesting:
If you would like an independent expert opinion from an Independent Building Surveyor with regard to buying at auction then please phone 0800 298 5424 for a friendly chat. we can also advise with regard to valuations, mortgages, mortgage companies, surveys, building surveys, structural surveys, engineers reports, specific defects report, home buyers reports or any other property matters.
Our Good, Bad & Ugly surveys!
Over the years we have created what we call our Good, Bad and Ugly Survey. This is a Building Survey, also sometimes known as a Structural Survey, that has been developed over several decades. We have listened to feedback from our clients and amended and altered our surveys to make them easy to read and describe issues clearly. The key factor we believe is our surveys are easy to understand in plain English.
Examples of our building surveys
If you are planning on buying a property we are more than happy to provide you with examples of our unique building surveys via email. Our surveys contain photos, sketches and definitions that help to explain the specific problems that we find within the property. There is also an Executive Summary at the start of the survey report that highlights the main issues that we find with the property.
If you want to buy a commercial property these are also sold at auction and we can help you with this. Properties can be sold both freehold and leasehold. We can explain a great deal more about the commercial side of property on our other website www.FirstAssociated.co.uk . We also have a Dilapidations Website at www.DilapsHelp.com and if it is going wrong we also have a website for Disputes at www.DisputesHelp.com .
We hope you found the article of use and if you have any experiences that you feel should be added to this article that would benefit others, or you feel that some of the information that we have put is wrong then please do not hesitate to contact us (we are only human).
The contents of the web site are for general information only and is not intended to be relied upon for specific or general decisions. Appropriate independent professional advice should be paid for before making such a decision.
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