Buying a house at auction is often the best way to secure a property at the lowest possible cost. Many properties sold at auction are in need of significant repair and refurbishment and the price reflects this.
Where properties in good condition are sold, they tend to be repossessions being auctioned to pay back the attached debt. In these cases, although the auction price is only slightly less than the full market value, the property can be flipped back onto the market quickly, meaning fast profits can be generated for little additional investment.
For professional developers, auctions are great places to pick up properties which are free from housing chains and can be transferred easily and quickly, allowing them to get to work straight away, renovating and adding value.
Whether you are looking for a home or a business opportunity, it always pays to know how to buy a property at auction.
Auction finance should be in place before you attempt to bid for auctioned properties. This is to ensure that you are able to meet the completion deadline, usually 20 days from the acceptance of your bid. Failure to meet the deadline could result in cancellation of the purchase and loss of your deposit, typically 10% of the winning bid.
You can trust Rapid Bridging Ltd to give you a quick decision on your proposed bridging loan and rapid access to funds. Once you have identified the property you are interested in, please contact us and we will help you to understand both the auction finance and credit application process.
We will advise you on the benefits and risks of property auction finance and help you select the right product for your needs, ensuring that you can fund your purchase at the lowest possible cost to you.
If your bid is successful, you will be ready to complete the purchase within the 20 day limit.
We wish you success at the auction and look forward to finding you the right bridging loan to finance your purchase.
Think carefully before securing other debts against your home. your home may be repossessed if you do not keep up repayments on a mortgageREQUEST A CALLBACK
When you need to raise money from property or land you own, a residential bridging loan can help you:
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