Bargains to be had?
Auctions are a great way to add to a buy-to-let portfolio, with a wide range of bargains often going under the hammer. But as any shrewd buy-to-let landlord will know, there is more to buying property than simply turning up and making a bid.
Among the many attractions of buying property at auction is that purchasers avoid the conventional drawn out process of property buying, as the property is sold in a matter of minutes as soon as the hammer falls.
But before attending and bidding on property at auction, investors must conduct all necessary due diligence.
1) Have you carefully read the conditions printed in the catalogue?
2) Have you made financial arrangements to ensure you have a 10% deposit ready for payment on auction day, when the contracts are signed and access to the remaining 90% within 28 days?