| The recent downturn in the property market brings | | | | buyers nationwide get the opportunity to bid. Once the |
| with it some substantial benefits especially for those | | | | highest and final bid is agreed, solicitors are instructed, |
| who are looking to invest in a property and are willing | | | | contracts are exchanged and funds are released. |
| to put the effort in once bought to restore the | | | | The benefits of a property auction process operating |
| property to its full potential. Property investors make | | | | entirely online allow buyers to research and bid online |
| their money by doing just this, buying a property that is | | | | at their leisure and in the ease of their own home as |
| below its current market value and taking the time, | | | | well as providing buyers with significantly discounted |
| along with committing to spending the money needed, | | | | property prices. A good auction house will also offer |
| to sell it back on the open market. | | | | benefits such as no membership fees and clearly |
| Below market value property is now available to buy | | | | state what percentage of the final sale price they will |
| online through various competing companies via online | | | | deduct from the property completion. |
| property auctions. Similar to any other product auction, | | | | Properties that go to auction can be sourced from |
| the product; in this case the property is submitted to | | | | professional sellers like builders, banks and estate |
| auction by the seller. The auction house reviews the | | | | agents as well as private individuals. The seller must |
| property, speaks to the seller and decides upon a | | | | agree to set the reserve price below the current |
| reserve price and auction date. The property is then | | | | market value which ensures that the property or 'lot' is |
| submitted to a pre auction. | | | | as attractive to a potential buyer as possible. Property |
| The pre auction window is a period of time given on | | | | auctions can benefit anyone from honed property |
| any property to enable the auction house to market | | | | investors looking to broaden their portfolio to first time |
| the site and allow potential buyers to pre qualify to bid | | | | buyers increasing their chances of getting on the first |
| on the property in question. Once this period is over, | | | | rung of the property ladder. |
| generally 7 days, the live auction period begins and | | | | |