Buying a Home in a London Property Auction
According to the EIG there has been 10 Auctions in the past 3 days and half of them were based in London & while the rest of the UK is catching up it just shows the capital still draws them Auction Buyers from across the UK and now with Online Auctions much of the capital residential stock will be sold via an Auction.
Buying a Property at auction can be exciting and a nerve wracking experience, what you need to understand is if you make that winning bid in the room you are legally contracted on the fall of the gravel.
Because of the above many End users who are buying a residential dwelling for there own use have stayed away because of the bad stigma attached to Auctions but this is now changing with the Introduction of the Modern Method of Auction.
Modern method of Auction allows buyers to reserve the property with a reservation fee giving them 28 days to exchange.
Lets Bid property, who only allow registered agents to upload property for sale via the modern method of Auction have opened the Auction market to the population of buyers who are looking to buy their London Home at a Property auction. With Lets Bid property the estate agent will walk you through the whole process, you have the opportunity to view the property, get your finance in place, get a valuation done, even getting your solicitor to check the legal position and then once your happy you reserve the Property which is gaining government support to help stop Gazumping and gazundering.
Go and talk to one of our registered agents and find out how you can buy your next Home buy using the modern method of auction.