How to Buy And Sell Property At Auction Property Seminars With John Howard

How to Buy And Sell Property At Auction: Property Seminars With John Howard

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    The auction is a fantastic source of both buying and selling property. All the pros do it. But how can you go about doing it? What exactly is needed in order to succeed? And why should you bother going in the first place? Well, in order to achieve all of this effectively and more, then you will massively benefit from my jam-packed How to Buy and Sell Property at Auction Seminar – which is lined up and available for you to book right now up until it is delivered on 7th December!

    As a short intro of sorts, here are some tips on what to do when buying and selling at auction:

    Buying at auction – what to do.

    There are a number of things you should do when buying at auction.

    • Be on time.

    Firstly, it is important you arrive as early as possible at the venue. Doing so will make sure that you pick up on any changes that have been made to the listings you are eyeing up. This may end up affecting your decision to buy the property.

    • Understand the guide and reserve prices.

    There are fundamental differences between the guide and reserve prices. The guide is the starting price, whereas the reserve is the minimum amount the seller accepts. As such, the property will not sell if it does not reach its reserve. This can be up to 10% higher than the guide.

    • Be clear and concise.

    When bidding, the auctioneer needs to make sure that you are officially bidding. If they are unsure, they will not count your bid, and you will lose out on the property. That is why you should be as clear and concise as possible so that this does not happen.

    • Terms and conditions do apply.

    A winning bid will require you to sign the property contract and pay a deposit on the day. The auctioneer’s gavel is final, so you cannot back out. Otherwise, you will have to pay huge costs that could have been prevented. So be careful and know your limits before the auction.

    • Be prepared for the deposit and payment terms.

    The deposit is usually 10% of the price you have purchased the property for. It will require you to bring two forms of identification to verify yourself. Then you will have to pay the remaining amount after 2-6 weeks, depending on the auction. Read up on the conditions of sale.

    • Don’t worry if the property doesn’t sell.

    If you have purchased a property that does not meet its reserve price, do not panic. The auctioneer may still be able to sell it privately after the lot passes. Register your interest beforehand to make your intentions clear and stick around until this is at all possible.

    Selling at auction – what to do.

    There are a number of things you should do when selling at an auction.

    • Research auctioneers.

    You will have a plethora of options to choose from when it comes to auctions. Use this time to research those local to you and how well properties in the area sell with them. Then, once you have a good account for them, pick one and get in contact.

    • Speak with your solicitor.

    Working with a solicitor is required both for selling via estate agents and auctioneers. This allows you to create all the legal documents needed beforehand. With estate agents, this is done after the fact. Put plans in motion, and you will succeed no matter what.

    • Request an auction appraisal.

    Auctioneers will be able to give you an estimate by having them check out the property. It is more than possible that they can end up achieving a higher price than an estate agent could get. To see if they offer a free appraisal as it could end up working in your favour hugely!

    • Let the auctioneer do their work.

    As a seller, the process is a lot simpler than that of a buyer. That’s because you don’t have to do any work whatsoever! Instead, the auctioneer will market the property to prospective buyers and save you all the hassle. This support is second to none and will only increase your selling chances.

    • Reap the rewards of security.

    Know that when you put your property up for auction, you set a reserve price. Not only that but the buyer will be obligated to hold up their end of the deal when the gavel strikes. This will ensure that the property is sold, giving you that much-needed security.

    • Don’t worry about viewer interest.

    The auctioneers will carry out the group viewings for you. This means that you do not even have to be available when they happen! The potential purchasers will be able to see the property in its current state, giving them a good indication of what they are getting themselves into.

    What will we go over at the seminar?

    These are the topics I will discuss in more detail:

    • The auction process
    • How best to sell at auction
    • How to find out why a property is in the auction
    • How to find the best opportunities to make money at auction
    • Common pitfalls to avoid
    • The best tactics when bidding at auction
    • Funding the auction purchases
    • What to do when it all goes wrong

    Book in for my other seminars!

    On top of the How to Buy and Sell Property at Auction seminar, I am also running my Making Property Work For You seminar and my Advanced Property Developing And Investing seminar around the same time. Find all the booking dates and relevant associated links here.

    Join me on a Joint Venture today!

    If you would like more information on our joint venture agreements, please get in touch today. Send your queries to info@johnhowardjointventurefund.co.uk, and we will reply as soon as humanly possible. We hope to hear from you in due course and greatly welcome your interest!

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