Rics guide to buying and selling properties at auctions |
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Fri, 16 Sep 2005 19:05
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LONDON - The Royal Institution of Chartered Surveyors (Rics) has said that Britons are increasingly turning to auctions to buy properties in the country. Rics said that the leading 20 commercial and residential auctioneers in the country had reported a 16 percent rise in the property sold through auctions in 2004.
The total value of the property sold through auctions last year was £3.38 billion, Rics said. It added that auctions were an attractive option for buyers since the deals were fixed in a single day. Buyers also had the confidence that there would be no hanky-panky involved since auctions are conducted with the highest degree of transparency. "Properties on sale at auctions are usually available at a competitive price.
Auctions also provide a platform for open and fair competition between bidders," said Richard Auterac, chairman of Rics' real estate auction group. "Once the hammer comes down, neither the seller nor buyer can withdraw and the process is completed within a set time - with no danger of any link in the property chain breaking."
Currently private investors form the main chunk of buyers at these auctions. Recognizing that there is a dearth of information about auctions for buyers and sellers alike, Rics has released a guide called 'Going once, going twice, sold to...' to help owners, developers and investors. “Auctioneers recognize that to keep auctions at the forefront of the property market they need to deliver a professional service which responds to the changing needs of their clients,” said Auterac.
Some tips to make sure that you do not miss out on great deals,
* Ensure that you are on the mailing lists of local auction houses. That way you will be informed when anything of interest comes up.
* Before committing yourself be sure to read Important Notice to Bidders, the Memorandum of Sale and the general conditions of sale provided by the auctioneer.
* If any property arouses your interest, arrange for a viewing and clear all doubts about the said property.
* Once you are at the bidding, make a clear note of how far you are prepared to go. There is nothing worse than buying in haste and repenting later.
* Before you go to an auction to bid, it would be nice if you could attend a couple without bidding.
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