Unsold Auction Property
Everyone is looking for a Property deal and at the top of the list of Questions Most Agents are asked do you have any Unsold Auction Property.
Typically, Unsold Auction Property is common in the industry as most Property Auctions Average 70-80% success rates and there are buyers who specialise in picking these up.
So Why dont all the properties Sell
Property Price
The Most common factor Is Simply Price, a property needs to be priced correct to sell at traditional auctions although Recent trends are showing residential Property are achieving record prices due to the now wider audience the internet has attracted to this method, but typically from experience this is the main factor.
Auction Legal Pack
it is very important for a solicitor to check the legal pack to ensure everything is ok as an unsold Auction Property may have resulted because of a problem and believe me their could be a few but don’t be put off if you have a good solicitor always ask him or her can we fix it, indemnity insurances can go a long way now.
External factors
always be aware of what’s happening in the local area surrounding the Property, check local searches, read the local newspapers or even just a simple Google search as that can let you know what might be effecting that property
Condition of Property
While many people can see beyond basic cosmetic work needed, you need to be very aware of any structural issues as this can make your property virtually no fundable and can lead to costly repairs, I would always suggest you get a valuation conducted as a surveyor should identify any underlining issues, but don’t be put off completely as everything can be resolved and if you’re a cash buyer and have done your sums there are great profits to be made here.
If you see an Unsold Auction Property with LetsBid call our trusted Agents immediately as you may be able to negotiate your self a great discount on your next investment or dream home
