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Auction 7 Step Guide to help those thinking of buying a property at auction. It helps highlight the risks involved in buying a property at auction. It alerts you to what to look out for when buying a house at auction.
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0:00 Intro video
0:43 Buying a property at auction
0:56 Ways of buying a property at auction
1:09 What are the risks of buying a property at auction
02:10 Can you buy a property at auction with a mortgage?
04:50 Do you need cash to buy a house at auction?
05:09 What is in an auction legal pack
08:56 What ID do you need for an auction
09:23 When buying a property when do you get insurance
10:59 What do the buyer's property searches reveal in conveyancing
13:23 What exactly is Due Diligence
15:37 When does the contract become legally binding at auction
16: 08 When does completion take place
16:29 Can a house sale fail after exchange of contracts
What is an auction? How do you buy at an auction? Why do people buy property at auction? Do you need cash to buy a property at auction? Can you buy a property at auction using a mortgage? Can first time buyers buy at an auction? What is the mortgage funds are not available on the day of completion? What happens if the seller fails to complete on completion date? What if the buyer fails to complete? These are some of the many questions asked in relation to buying a property at auction. This video helps answer most of these questions.
It is often thought that buying or selling property by auction is complicated and risky and should only be attempted by experienced property investors. I am hoping to able to help bring clarity on that. Of course, buying at auction risky. Particularly, if you end up not having the money to complete or if the property or you bump into more onerous obligations than envisioned. However, nowadays auctions are a popular way for many people to move home, find a DIY project or a buy-to-let investment.
It is important to know what you are getting into. That is why it is important to have a specialist team of Auction Lawyers such as Creative Legals as part of your power team. Engage with us and ask any questions you may have in the comments.
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