Residential property auctions: Bidnap your new house
UK property auctions have been a popular method for sale of immovable property since several decades. Houses on lease or rent or for sale are auctioned off by a work force of over four hundred auctioneers and estate agents. From the just-married couples to the shrewd real estate investor – all bargain hunters come to try their luck at the multifarious UK property auctions.
The word auction found its way into the Oxford English Dictionary as early as in the fifteenth century itself – it was around this time that bidders would sit in the coffee houses and common taverns of England and vie with one another to obtain the textile fabrics that had come from the American colonies. Although the Christie’s and the Sotheby’s of today seem a far cry from those days, but it was from those small-scale beginnings that these auction house giants reached the heights.
Auctions, though, have a history even older than the fifteenth century. The earliest was probably carried out in 500 B.C. in Greece and would be for the purpose of obtaining a wife! Roman culture also reports auctioning of war spoils – a practice that found an echo in the American civil war. Auctions were also carried out in China to obtain a good profit for temple property.
The popularity of auctions has survived the centuries, owing to the transparency of the process, its speed, and its overall sport-like quality that appeals to the basic instinct of competitiveness in the human mind. The obiter dicta of people regarding auctions is time tested.
UK property auctions are carried out both by private as well as government and police bodies. Properties that have been confiscated from individuals accused of corruption or loan defaulters or assets that have been lost or abandoned by their owners are put up for auctions by the relevant government bodies. Such properties can be bought for quite a song, if one displays enough business acumen.
Residential property auctions are carried out in property auctions houses, where auctioneers, bidders and sellers meet to place bids. In these times of internet explosion, when property auctions co UK have become quite like bywords in the jungle urls and https, various online auctions sites are also available where potential buyers can place e-bids. Property auctions catalogues are made available to the bidders – both online as well as onsite – in which are placed details like address of the property, its viewing schedule, guide price and other such details.
Any intelligent bidder must avail himself of these property auctions catalogues – pre-sale knowledge is of the essence in residential property auctions. A visit to the concerned property before attending the actual auction is also of import. The bidder must have with him a professional surveyor, too, as he gives his property of interest a look-over, to find out the actual condition of the asset. Proper legal advice must also be sought by the buyer before he commits himself to the auction process – there have been cases in which assets that were put up for bidding had already been sold dishonestly. The
deed and other papers of the property must be carefully scrutinized before the auction is attended.
It must be noted, therefore, that knowledge and research are of the essence during residential property auctions. This knowledge is obtained from a deep perusal of several property guides and magazines available in the markets. One of the best sources of property news is no less than the Times newspaper.
Apart from having classified ads placed in its illustrious sheets – both online and on paper – here’s what the leading newspaper the Times says –
• Information about houses for sale – viz., ‘Biddlesden Park, Northamptonshire, for sale for £20 millions’
• Tips for first-time buyers
• ‘Houses of the week’ section that has more than 900,000 property catalogues
• Incentives for house buyers as provided by landlords
• Keyword based Property search option
• Guide for investors
• Overseas property sales guides
• Property bulletin
• Users’ comments and votes
• Tips on how to do your garden, interiors
Some of the articles included in the Times online sections are – ‘Buying a property at auction’, ‘First time buyers can bag a bargain home’, ‘Buyers venture back into the property market’ and ‘Why Londoners are buying in South Coast resorts like Broadstairs.’
Read ‘The Times’ then, and get the latest on property auctions – bid your heart out!
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