| > | | | | smaller scale. |
| **You are free to reprint this article free of charge | | | | Small composite — Offer between 2 to 5 lots |
| as long as you include the resource box at the end. | | | | and will attract upto 5bidders. The likely venue is likely |
| Did you know that every year thousands of UK | | | | to be somewhere like a pub,restaurant, church or |
| properties are sold atsignificantly below market | | | | small hotel. Small auctions will generally followa theme |
| value? The majority of these properties arereleased | | | | — for example the properties involved may |
| through property auctions where regular savings of | | | | have been part of abigger group (such as a portfolio |
| between 10%to 40% are available to market value. | | | | of properties owned by one company)who believe |
| Even so, property auctionscontinue to be used only | | | | the best returns will be obtained by offering the |
| by the elite and for the astute buyer/investorthis | | | | propertiesfor sale individually. |
| generates a fantastic opportunity to secure a dream | | | | Single lot — usually for a property that is in |
| home/goodinvestment at bargain basement prices. | | | | great demand. |
| For example, at a recent auction a studio flat was | | | | IDENTIFYING AUCTIONS |
| sold in London for amere £9,000. In another, a 2 | | | | Auctions aren’t as easy to find as you might |
| bed flat right on the south coast with amarket value | | | | expect. Traditionallyauctioneers get more than |
| of upto £100,000 sold for just £14,000 at auction. | | | | enough interest from in-the-know regulars sothey |
| Andthose are just a couple of examples of the | | | | don’t need to spend much money on costly |
| bargains that people do findat property auctions. | | | | advertising to the public. |
| However it's also important to know the | | | | Here’s where the list of auction houses that |
| potentialissues and problems when dealing with | | | | comes with this guidebecomes invaluable. There are |
| auctions and to understand exactlywhere the best | | | | details on each auction house includingwhich area the |
| deals are available. If you're interested in getting | | | | auction house covers. Go through the list and |
| intothe world of property auctions the below tips & | | | | identifyones, which cover the areas you are |
| tricks of the tradeshould be very helpful. | | | | interested in. Then: |
| TYPES OF PROPERTIES FOUND AT AUCTIONS | | | | Phone the auction house and ask them when their |
| My Online Powerpack Newsletter Subscriber Site | | | | next auction is likelyto be held. |
| UK Property Auctions Home Contact | | | | Ask them to put you on a mailing list, which details |
| The following is a guide to help anyone unlock the | | | | forthcomingauctions. Some may charge a small fee |
| value availablethrough UK Property Auctions. | | | | for this, others offer the servicefor free. |
| Thousands of homes are available at anygiven time | | | | Prepare a list of questions for each auction house |
| with property auctions, most of which are sold at | | | | you contact. Theseshould include: |
| prices farbelow market value. However it's important | | | | Do you have a mailing list? |
| to know the potential issuesand problems when | | | | How long do you keep people on your mailing lists |
| dealing with auctions and to understand where | | | | and can you let meknow if I am about to be |
| thebiggest bargains are available. Details of thousands | | | | removed? |
| of cheap,repossessed & auction properties are also | | | | What type of properties do you auction? |
| available at Property Auction | | | | It may also be worth subscribing to certain pedigree |
| Bargains. | | | | property magazines. |
| Its perfectly reasonable to expect to pay between | | | | These include Property Auction News, Under The |
| 15% to 40% less for aproperty at auction than you | | | | Hammer and Property Week. |
| would for the same property through anestate | | | | Local newsagents usually carry these. |
| agent. For example, at a recent auction a studio flat | | | | THE INFORMATION AN AUCTIONEER WILL |
| was sold in | | | | PROVIDE |
| London for a mere £9,000. In another, a 2 bed flat | | | | Obviously they will provide the details of the |
| right on the southcoast with a market value of upto | | | | properties going underthe hammer at their auctions. |
| £100,000 sold for just £14,000 atauction. And | | | | These tend to be more detailed than thesnippets |
| those are just a couple of examples of the many | | | | given by estate agents (there are laws such as the |
| bargainsthat people find at property auctions each | | | | Property |
| and every week. | | | | Misdescriptions Act 1991 which make it illegal for |
| TYPES OF PROPERTIES FOUND AT AUCTIONS | | | | auctioneers to givefalse information about a |
| Repossessions — Sadly for the previous | | | | property). On the whole, for any given lotthey will |
| owners, repossessions can oftenbe picked up at | | | | provide: |
| bargain prices through auctions. | | | | Location |
| Investment properties — Properties, which are | | | | Construction details |
| valued due to the returnon investment that they | | | | Tenure (e.g. freehold) |
| provide. Includes everything from individualoffice/shop | | | | Accommodation details (e.g. 3 bedrooms etc) |
| investments to blocks of flats. | | | | Notes (e.g. refurbishment required) |
| Rundown properties — Auctions are great | | | | Viewing details |
| places to pickup properties thatare unsaleable in their | | | | Solicitor details |
| current state. The attraction here is if you canget | | | | Auctioneers usually publish a catalogue with the lot |
| such a property in a good location at a cheap price | | | | details — this is abook detailing the various |
| it’s perfectlypossible to refurbish and resell on | | | | properties available at auction. These willusually be |
| at handsome profits. Indeed thereare individuals and | | | | available a month or less prior to the auction date. |
| organisations that make their living doing this. | | | | IDENTIFYING REPOSSESSIONS |
| Unsaleable properties come under the following | | | | Some banks/building societies can be sheepish about |
| categories: | | | | revealing that theyare selling repossessed properties |
| Derelict or in derelict areas. | | | | so you need to be alert in theauction for clues. |
| Subject to severe disrepair. | | | | Auction adverts may reveal that a bank may be |
| Subject to local authority notices. | | | | theseller of a number of properties, or the auction |
| Subject to closing orders. | | | | catalogue may state aphrase such as on |
| Offered with ambiguous legal titles. | | | | instruction of a liquidator’ or something similar |
| Sold without access. | | | | —this should tell you that the property being |
| Sold with major fencing, paving, drainage or other | | | | sold is a repossession. Ifyou are unsure, ask the |
| similarresponsibilities. | | | | auctioneer directly if the lot being offered isa |
| Sold subject to covenants or restrictions, which | | | | repossession. |
| prevent normal use. | | | | FINDING PROPERTY AUCTIONS NEAR YOU |
| Exceptional properties — Include ones that | | | | There are several thousands of properties available |
| have historical meaning andplots which get in the | | | | for auction at anygiven time all over the UK. It's |
| way’ of major development projects. | | | | important to understand how auctionswork before |
| TYPES OF AUCTION | | | | purchasing a property from one. To find out where |
| Large composite — Tend to have over 100 | | | | you canget hold of a list of UK property auction |
| lots. Expect well over 300people to attend and the | | | | venues and websites of auctionproperties for sale |
| venue to be held in a large hotel or conferencecentre. | | | | take a look at my resource box below. I wish |
| Large composite auctions are likely to be run by a | | | | youevery success in finding your dream bargain home |
| singleauction house. The type of property may be | | | | at auction |
| restricted to just one (e.g.vacant possession houses, | | | | ************************ |
| factories, warehouses etc) or may be a mixtureof | | | | Find 30,000 Dirt Cheap UK Properties At Auction |
| different types. | | | | Immediately: |
| Medium composite — Have between 5 to 100 | | | | Subscribe to the Online Powerpack newsletter & |
| lots and will typically attractbetween 200 to 500 | | | | discover the biggestdiscounts available anywhere for |
| people, most likely in a hotel or conference centre. | | | | just about everything! |
| It’s similar to a large composite, only on a | | | | |