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Monday, 15 October 2012

10 GOLDEN RULES !!!!!!!!!!!!!!!!!!!

HOW TO MAKE MONEY FROM PROPERTY AUCTIONS

1. Identify undervalued properties
Property auction zone allows you to search different types of property in the UK and has links to the land registry and houseprices.co.uk. By clicking on the land registry icon you will find the average value of the property in that area. If the guide price is below the average value.
2. Take a survey of the area
Once you have identified an area it is essential to view the property at various times of the day. Along with this conversing with neighbours will help you gain general impression of the area and highlight any issues.
3. Get in touch with local council planning department
Get in touch with your local council planning department and enquire if there are any developments in the area e.g. are there any compulsory purchase order.
4. Consult a surveyor
The next step is to consult a surveyor who will give you an idea of structural faults and cost of repairs – if too high avoids buying the property and in any case factor the cost into the price you are willing to pay.
5. Search for any issues
Carry out searches and these can be done freely at your local council offices or let your solicitors do the work. This can highlight issues which need avoiding.
6. Get your finance ready
Get your finances in order. A deposit of 10% is needed for the property at the auction. Finance can be obtained from specialist finance houses and bridging loans are also available (be warned they are expensive!). Completion dates are typically within 28 days. Ensure you are able to complete within that time frame or risk losing your deposit or incur interest charges.
7. Buy with caution
When investing in property always buy with caution as the rental income is not guaranteed e.g. ask yourself, how easily can you get a tenant into that property?
8. Order a legal pack
Order your legal pack from the auctioneer and pass it onto your solicitor.
9. Insist on buying property from auction
In the current market avoid buying property before going to the auction as you will inevitably end up paying too much.
10. Don't bid above your range
When bidding at auction set yourself a target price – don’t go beyond it, no matter how temping it is! Otherwise you will end up paying in excess and rendering your homework to determine the target price as futile.

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