This week we’re talking about buying at auction: potentially a great source of grabbing property bargains, but certainly not as easy as Homes Under The Hammer makes it look!
We talked through some tips for making sure you don’t make any auction mistakes, including:
- Make sure you have your finance in place before you bid
- Know that if a property is in auction, there’s a problem with it: if you can’t spot the problem and decide whether it’s something you’re OK with, look harder!
- Decide your maximum bid beforehand, and don’t go above it no matter what
- Get a solicitor to inspect the legal pack, and consider getting a surveyor to inspect the property if you’re not an expert yourself
- Understand that you can’t win them all: just because you’ve put time and money into researching a property doesn’t mean you must buy it at any cost
- Remember that you can also buy before or after auction
We also mentioned our Buying BMV course, which you might want to check out if you haven’t already.
There’s plenty more in the episode itself, so take a listen!
RESOURCE OF THE WEEK
If you prefer getting your information in audio rather than written form, you might be interested in SoundGecko: a service that takes blog posts and automatically reads them out to you!
It’s the same logic that’s behind our new Property Investment Tips podcast – if you’re pushed for reading time, you can just transform the information into audio and make better use of your commute, gym time etc. And it’s completely free, so give it a try…just make sure you still leave enough listening time for The Property Podcast!
NEWS THIS WEEK
We’re telling you how to sleep with celebrities…sort of, as this week’s news story is about how you can rent the homes of the rich and famous. It probably says a lot about us that we were more excited about the prospect of staying in Kirstie Allsopp’s pad than Pamela Anderson’s…
THIS WEEK’S MENTIONS
Another week, another free course for you…this time, it’s our course on Profitable Property Flipping with our special guest Susannah Cole. Making a lump of cash from flipping a property is an appealing idea, and market conditions are good for it at the moment – so we teamed up with Susannah so you can copy the exact system she uses to get a great result every time.
Also, RMP Property is recruiting! Take a look at the Property Hub jobs board for all the details.
JOIN THE CONVERSATION
Have you ever had a brilliant – or awful – experience at a property auction?
Any other tips to share about how to make sure you buy well?
We’d love to know, so join the discussion in The Property Hub!
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