a miniature houseInvesting in property usually looks easy on paper, but when it comes to practice, things can be a different story altogether. There are often many lengthy and sometimes uncertain purchasing procedures. To avoid most of these procedures, you may consider buying at auctions.

But, you still need to do a few things, so you come out with a great deal when the hammer falls. Here are a few of them, according to leechiu.com.

1. Do your research.

The first thing you’ll need to do is find several properties that pique your interest. A great idea to go about this is research property consultants near me and talk to one.

They usually have insider information on what properties are set to go on auction and can help you come up with a shortlist of properties you are eyeing. Part of the research may involve visiting a few auctions to get a good idea of how they work.

2. Find a surveyor.

Stories of people that purchased properties only to have them condemned by authorities are not uncommon. You don’t want to be a victim of that.

You will not just lose the property, but you will also need to pay for the demolition. So be sure of what you are buying by paying a professional to do a structural survey of a property in case your bid is successful.

3. Sort out your finances.

There’s going to be a guide price for the property, but expect to pay higher as this price is usually meant to entice buyers. So have a higher amount than the guide price. Get your ‘mortgage in principle’ ready too.

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Usually, you’ll need to pay about 10% in the fall of the hammer and the rest within a month. If you don’t have your finances ready, you’ll lose both the 10% and the property.

Buying a property at an auction has its upsides, and you can benefit from the sale if you are ready for it. All you need is to master a few tricks to start to buying like the pros.