Whether you’re buying or selling a property, you might be considering going to a property auction, and with good reason. Last year was a challenging one for many areas of the property sector but for auction houses, business has been booming.
It’s a common misconception that only poor-quality lots go up for sale at auction, however, in recent years they have become a mainstream option for a wide range of buyers and sellers, and the quality of listed properties has become much more diverse.
Here are the properties in Lancashire currently listed as for sale at auction on Rightmove.
Why buy at a property auction?
A property auction can offer amazing value, especially if you’re looking for a property with renovation potential. It’s not uncommon to see as much as a 30% discount when compared with properties bought through an agent.
The property market can be fierce and it’s not uncommon to hear of people being gazumped at the last minute. When buying at auction, contracts are binding as soon as the auction ends, protecting you as the buyer.
A completion date is agreed in advance of the auction, allowing for as smooth a transition as possible.
If you’re looking for a buy-to-let property, it’s not uncommon for tenanted properties to sold at auction. This means that you can transfer the rental contract as well as the property, saving you the job of finding tenants yourself.
Commercial buyers will also find many opportunities in the auction market with offices, garages, and other business premises readily available.
Things to bear in mind
You should never bid on a property without first viewing it. Contracts are binding as soon as the auction ends, and to purchase a property that was not what you expected could be both heartbreaking and financially damaging.
A deposit (usually 10%) is payable immediately upon sale. You will need to be able to access this money on the day of the auction.
You will have a set period in which to arrange payment of the outstanding balance. It is a good idea to discuss your position with a mortgage advisor prior to going to auction.
A representative at Key Mortgage Advice would be happy to go through your options with you and help make your dream move a reality! You can visit our offices in Preston, Southport or Garstang, or contact us via phone or email. Our addresses and contact details can be found here.