OpenRent Community

Auction Property - Good or Bad?

I’m always a bit wary about buying through an auction. One of the reasons the property is at auction is because the estate agent couldn’t find a buyer in the first place. Auction property can often require considerable renovation which comes at a cost.
An alternative option which I have found a very good is to negotiate directly with a builder who may have part exchanged property to offer. This option can suit both parties as the buyer gains the investment at a very good price and the builder can realise his profit very quickly. It’s also possible that the builder may sort any issues with the property he’s selling at cost or even free!
I’ve found these properties are good-to-go with little work required other than a lick of paint, boiler service and of course the mandatory gas and electric test certs.

Hi Amy,
Burst out laughing at your reaction to first auction buy!! Ha! Ha! Can’t stop smiling !
In my case, a friend and I did all the homework and on the day went for a flat we hadn’t viewed.
Was a bit of a shocker and we probably over paid by 5K or so.
I had the feeling that there wrre stand in bidders boosting up the bids!!
Its been rented for a few yearz and I’ve bought up my friend’s half too. So happy with a good tenant too.