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I am a FTB and looking to do a BTL in London (probably a 2 - 3 bed terraced house). It seems like it could be a good time to get a decent deal. I really have no knowledge of property due to this should I avoid going to auctions? Any suggestions on methods to find a good deal? or any other advice?
Many thanks in advance.
There is generally a reason a property is sent to auction, so having no knowledge it's probably not the best idea
You must do your homework first, theres a reason its gone to auction find out what it is and if you can deal with this yourself then great and its a deal.Look at other property and rentals in the area to get an idea of true market value as it may not go for the price advertised and you may pay more than you need to. You can only spend your capital once so knowledge is power and a must in this game.
Hope this helps
You must inspect the property before buying at auction. This method of selling is used for many reasons.Quick sell, problems with property- underpinning, bad condition, not able to get mortgage on it etc. Also know the area ex is new development going up or new road way being done. Also always good to look at local planning to see anything that will affect the property.However some can do very well but you must carry out your due dilly.
Great advice above that you MUST visit the property and view it, as well as check the legal pack etc. And don't forget that auction fees are subject to VAT. The residential property/dwelling is not.
Congratulations on your first steps into the property industry. Auctions can be 50/50 as you can purchase some properties at a great price but on the flip, you could potentially purchase one over its market value.
Also, if the property is not an open house auction you don’t get a chance to view it which as a first time BTL buyer you might want to have that option.
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All good advice above, I have never been able to buy at auction, in London prices for the good stuff often go way over market value.
Also, it’s tricky to organise a mortgage in time, you have to complete in 28 days.
completion is not always 28 days.
Also, it is possible to mortgage in 28 days, I did it, albeit in 2011, for an auction property. I had a fallback solution though, in form of parental funding for the balance just in case.
Everything is possible for a price