How does a property auction work?

Date: 26th February 2014
Author: Admin
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Whether you are interested in putting your property up for sale, looking to buy or you are a keen property investor, then one of the best ways you could look to find a great deal is to go through a property auction. With the current state of the property market it can be quite difficult trying to agree a fair price for your property and this could lead you to losing out, but with an auction you will find that buyers will have more experience in dealing with such matters as they can help you evaluate the true worth of a property.

If you do decide to sell or buy a property at auction, then it is important that you understand how an auction works and the rules that are put in place. Property auctions can be a great place to pick up a 'bargain', whether you are looking for a premises to occupy or an investment. However, buying from an auction is a lot more involved than simply turning up and placing the highest bid – some examples of how you should conduct yourself at auction include:

·         Finances – before going to auction you should find out what the payment terms will be if you want your bid to be successful

 

·         Look around – there will be a wide choice of property available

 

·         Making a bid – make sure that you catch the eye of the auctioneer by making subtle movements and indications, otherwise you may miss out

 

·         Be prepared – if you are sure about purchasing a property then you should bring at least two pieces of identification with you to verify the deal

When it comes to an auction it can be difficult trying to understand what it going on and this can be damaging to your chances of success, but when done correctly you could find that you are getting a great deal. Here at Roger Hannah Auctions we believe that not every property is suited to being sold through Private Treaty, and thanks to our team of experts we are able to find you the best deals through our own auctions based in the North West and Manchester area. For more information about how we can help you, simply contact us today on 0161 817 3399 or visit our Auctions Page.