Author (solutionlinker). Submitted on Mon, 28 May 2012
Auction Property or 'Foreclosures' as it's called in America is probably one of the easiest methods to buy cheap 'run down' property for a quick sale - refurbish it then sell it on for a tidy profit.
There are many benefits but also a few pitfalls that should be taken into consideration before buying an auction property.
Below, you will find some tips and strategies that you can use to make your experience more enjoyable and profitable. Never be persuaded to buy an auction property without viewing it first is something any buyer should bear in mind. Doing so could result in throwing good money down the drain.
Go Prepared and Take with you Some Essential Items
A torch is always feasible. You'll probably find that most properties have the electricity supply cut off, so a torch is virtually priority.
A digital camera or camcorder - There's nothing worse when getting back home to discover a certain feature or fault with the property you seen but can't remember how serious it was.
Taking a digital camera or video recorder will enable you to walk through each room scanning every possible corner of the property, inside and out. You then have it recorded to view at your leisure to sort out the good points from the bad enabling you to make an informed decision before you buy.
A notepad is also crucial. Take notes of what you discover.
Viewing the Property Thoroughly
You now have a property in mind and you attend a viewing. Take someone along that knows what to look for if you don't.
Don't be put off by a dirty looking bathroom, missing kitchen cabinets, doors or broken plaster on walls and ceilings. This is minor and can be rectified with minimal cost.
You do, however, need to worry if there are vertical cracks on the exterior faces of the property, as this can be a sign of subsidence! If you do come across these sort of cracks, be sure to seek expert advice in the form of a Structural Engineer. Otherwise, move on.
There are more properties to look at without the headaches. Unless you know what you're doing, stay away from structural problem properties. Ok, you might pick them up for a real bargain, but is it worth the trouble and the sleepless nights?
Auction Property - Fortna Auctioneers & Marketing Group is a creative, innovative, people-oriented and technologically-savvy real estate auction firm. Our work consistently delivers personal satisfaction and success, resulting in mutual pride by all parties involved in the sale.