In order to get houses on auction, first you need to find up-to-date auction information. This information is available with different real estate agents, auction websites, banks and private firms. Below is the list of few real estate agents that deal or possess information regarding auction houses.
(a) Countrywide Property Auctions
(b) Brendons Auctioneers
(c) McHugh & Co Camden
Here is the list of websites which list houses on auction or information on auction venues in London.
(a) Visit Savills Website
(b) Visit UK Auction List Website
(c) Visit Hamptons International Website
(d) Visit Barnett Ross Website
(e) Visit Auction House London Website
With the help of different sources like few mentioned above, you can keep a track of properties which will be put on auction. The success of this tracking system can be judged form the fact that several buyers pursue houses on auction by using this system.
After getting the information about the houses on auction, drive to the property in order to have a good idea about its condition and neighbourhood.
It is not always necessary that if a property is scheduled for auction, it cannot be cancelled or postponed. Therefore, it is better to call the trustees and get a confirmation about the auction before you go fir it, in order to avoid any distress because cancellations and postponements are often observed.
Prior to the auction you should also collect as much details about the houses on auction including the estimated market value of the property. Apart from that also find out how much is outstanding on the property and is there any other lien against the property. You can get all this information online as it is public information.
The bid tips off from the amount owed to the foreclosing lender and in some cases it also includes fees incurred on foreclosure proceedings.
The opening bid at the auction is based on the total amount owed to the foreclosing lender and may include fees incurred because of the foreclosure proceedings. It’s important to know about the amount of this opening bid in order to determine if the auction houses are potential to purchase or not.
After gaining all necessary information determine your financial capability so before going to the auction you’ll be aware how much you can spent or bid at the auction. This is necessary to gauge your pocket because in most of the auctions bidders are required to bring either full amount in cash or cheque. Otherwise bidder will be disqualified from the auction.
Try your best to reach the auction location as early as possible because in case you don’t have any experience of auction, take cues from other participants, but don’t let them dictate you.
If you were able to win the bid of a house or houses in auction then, don’t forget to collect all necessary documents from the auctioneer, which verifies that you are the successful bidder.
Also clarify what further steps are needed to be made before you take the possession of the property.
The possession of the houses can only be taken after filling out legal papers, here you will require the assistance of a real estate lawyer in order to avoid any mishap. Below is the list of some real estate lawyers that are providing legal services in London.
a) Thomas Moore
b) Lass Salt Garvin
c) Lester Dominic Solicitors
When legal documentation is completed and all amount is given then house will be transferred to your name in some cases this transfer takes place immediately, while other take few days.