How Do Property Auctions Work?


So, how does an auction actually work for
– beginning to end? What’s the process? So, usually, the catalogue will come out and
that is usually about three weeks before the auction. So, that’s your due diligence period.
That’s the crucial bit, as I say, when you need to do all of your homework and make sure
you know what you’re buying. Then the auction day itself is where, obviously,
you’ll go against whoever else and bid for it. When that gavel falls – the fall of the
hammer – represents a legally binding exchange of contracts. So from that point, there is no turning back,
good or bad – for you or for the seller as well. So, usually, you’ve then got a completion
period of about 28 days but it’s crucial to check in the legal pack – that can be shorter,
sometimes it’s longer, but the average is 28 days and that is a set timeframe for the
property. So, again, it’s important to have everything
in place – your finances in place, a solicitor lined up – so that that 28 days is a smooth
process. And then, if everything goes to plan, at the end of that 28 days you’ve got your
keys and the property’s yours. Wonderful. Thank you. Thank you for watching this video. If you
like this content and you’d like to join our free online property training course, we’ve
got a link for this page. In there we cover a range of different property strategies to
help you get started either building a long-term property portfolio or creating a cash flowing
property business. We also look at ways to increase your return on investment with any
property you might be considering and we also have a couple of cheat sheets and downloadable
documents in there as well. Simply click on the link to join the free training course
today.

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