subject: Purchasing A Repossessed Home At Auction [print this page] Due to the housing market currently being in a crisis, estate agencies are closing and the number of repossessed homes that are becoming available at auction is growing with the number expected to reach 75,000 by the end of 2009.
This means of course that the houses at market are setlling with low reserves meaning that for those of you looking for a bargain, its the perfect time to shop for houses.
In addition to this, homeowners are now in difficulty too, especially those who grew confidence and stretched their finances too far when their home was of high price. Therefore it may be time to look for somewhere smaller and less pricey in order to make up your expenses and now and again these auction houses are the best place to search.
However, if you are planning to purchase a house at auction then you need to do your research and planning adequately and make sure everything is in tip top shape before you begin.
To start make sure you have a house conveyancing solicitor ready to help you through the process. They will make sure that the purchasing process is overseen professionally, taking a lot of worry off your shoulders and can also oversee the legal requirements.
It is important to have a set price before you enter the world of auctioning as a common problem is when the price begins to get competitive and the buyers failing to back down as they get too involved with the hype. To avoid this, make sure a decided price is agreed before you begin and stick to it.
When looking at the property it is common for home buyers with the excitement of moving house to simply rely on the mortgage providers house survey, which of course is not really good enough. Chartered surveyors can save many costly mistakes in this process and it is worth the money to keep a clear and professional head at all times.
Researching the area of the property before you purchase is a must! Crime, school reports and local factors are all extremely important when you want to find the perfect place to live, so make sure this is done before you make any rational decisions.
Once youve won your perfect house at auction you are legally bound to the purchasing process which typically means you need to exchange on the same day too. Your mortgage needs to be secure and ready to complete within 20 days so remember to be prepared.
