If you are looking to invest in a commercial or residential property, a property auction is a great place to source buildings that are being sold at bargain prices.
The first thing you ought to do once you have made the decision to hunt for a property through an auction is to source a reputable property management company that facilitates such events. If you can, talk to the property managers who work for the company and ask them what they currently have on their books. It pays to look around different property management firms within an area until you find one that has a good range of the kind of properties you are interested in, in an area of the country or city that you want.
Usually a decent property company will have an online list of all its available lots where you can peruse each building before you attend the auction. If you are really interested in a building, but think there may be a structural issue with the building it makes sense to get a survey done. Most property management companies will allow a surveyor to do this for you, but you have to pay for it. A few property management companies have surveys carried out on all properties on their books, but most do not offer this service. Make sure you sign up to email alerts if they are available (and they should be), this way every time the company puts another property on its list, you will receive notification.
It’s easy to say, know what you are looking for when it comes to searching for the most suitable property. However, quite often a property auction will deliver a building that will open up new ideas and possibilities to you and your family or you and your business. It’s no secret that property auctions tend to sell at much, much lower prices than other real estate options.
If you plan to buy at the property auction bring your identification with you. Usually a driver’s licence is adequate, but occasionally you need your passport. Arrive early property auctions can get competitive, so get very crowded. If you want a seat or to be within good view of the auctioneer arriving early will ensure you get the spot you want. If you are ready to buy, make sure you take some means of paying the deposit with you. Check which forms of payment are acceptable.
Browse all of the available lots prior to attending the actual auction. Be very careful not to bid on the wrong property, believe it or not it does happen especially when there are several similar properties for sale at the auction. Check out online property auctions and lot lists and compare them with the lots available at the auction you are planning to attend.
If you can’t attend the auction but there is a property you are interested in, you may bid by proxy. Occasionally you may place a fixed bid prior to the auction.