How Do Property Auctions Work?
Have you ever considered going to a property auction? Do you know how they work? Well, we are here today to tell you everything about property auctions and how they work!
There are some venues that host ‘property auctions’ every so often, with auction houses releasing a load of properties up for auction publicly. At a property auction, you will have many people trying to purchase each property, the bidding will always start off at a low price and continue to gradually increase by the offers that are put in. For example, the bidding may start at £100,000 but could end up at £200,000 depending on how much people are looking to spend, and what they actually value the property.
Once the hammer is hit, whoever last bid will be the owner of the property. This can be quite scary because if you were end up leaving the auction with something you didn’t necessarily want, then you are stuck and have to pay the bidded fee which could be very excessive. However, can be good if you are looking for a below market value (BMV) property. A lot of the properties that go up for auction, end up going for below their market value so can be a very good idea if you are looking to pick up good deals.
Property auctions can also be a very successful way of selling properties that you own. Typically, about 80% of properties put up at the auction will sell, however sometimes they will not. If you are looking to quickly sell a property that you own, auctioning it could be a very easy way of making that cash that you need from it fast.
If you would like to know anymore about properties, then make sure to contact us at Kilnstone Property on the contact details provided below:
Email: [email protected]
Phone: 01293 278312