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Buying a Property at Auction

April 20, 2022 6:35 am

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If you’re considering buying a property at auction, you’ll want to know what you should do before you place your bid. The property’s legal pack will tell you about the property’s history and any restrictions, such as restrictions on works and letting. You should work out how much you can afford before you bid and stick to it.

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Before the auction, you should secure a mortgage and check the title documents. You’ll also want to let your solicitor review the contracts and property’s documents to ensure everything is in order. The mortgage company must know when you’re planning to complete the purchase, so you can make sure they’re ready. For legal advice, consider Ascot solicitors like www.parachutelaw.co.uk/

If you’re buying at auction, you should make sure that you’re able to provide immediate proof of funds, sort out buildings insurance and other legal documents. The auction date is the day you’re legally bound to buy the property. Before bidding, contact an agent and ask them for details of the auction property. Ask about their fees, as they can vary from provider to provider.

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Invest in a good property broker. If you’re not familiar with the process, it’s wise to hire a property broker who specializes in these auctions. You’ll want a broker who knows how auctions work, and who will work closely with you throughout the entire process. Buying a property at auction will require a substantial investment of time and money, and should be taken seriously, however, there are many benefits to this method of buying a property.

 

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