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.
My husband is selling a property on Rightmove. It was already SSTC but cash buyers didn’t have cash, they were still waiting to sell their property and business to someone in Dubai who was going to pay them cash!!! After emptying all house and following their lead for 7 months they stopped responding to their solicitors and then pulled out from sale.
We are still in the market but I just want to move abroad into our holiday home so I want to push my husband to send the house into auction as I want to know when I can move away.
What auction is good for selling a house with land and pond in Cumbria?
It was valued at £1.150.000 in almost 8 acres of land and woodland.
I just want to move. I have been here now 20 years and I need a change. Does anyone have an experience?
Thank you
Rural Scene sell a lot of properties like yours. When I was looking in Wales 20 years ago they had some great places . Still going strong today But I cannot see any in Cumbria
The main advantage is snagging a property for a steal, but there are a few flies in the ointment—think hidden repairs, legal issues, and stiff competition during bidding wars.
My two cents: if you’re new to the game, have a sharp eye for potential risks and a cushion for unexpected costs. It’s a jungle out there, and you don’t want to end up with a lemon!
That said, some folks thrive on the thrill of the auction—it’s all about doing your homework and not biting off more than you can chew. Make sure you know what you’re getting into!