Sep 09 2024 32 mins 3
In this episode, Nick and Rick discuss buying property at auctions. They explain the different types of auctions, the pitfalls and perils, and provide tips for buying at auctions, and also caution against making impulse buys and getting caught up in the emotion of the auction. Overall, they highlight that auctions can be a good place to buy and sell property, but it requires a professional mindset and careful consideration. Buyers should view the property, review the legal pack, and ensure it fits their strategy. Financing can be obtained through specialist lenders including bridging finance and angel investors. Selling at auction can be a quick and efficient way to transact, but it's important to set realistic reserves and have a good relationship with the auctioneer. Rick shares his experience of selling two HMO properties at auction and achieving a good result. Overall, auctions offer speed and certainty, but buyers and sellers must be diligent and well-prepared.
Key Takeaways
*Do thorough due diligence before buying a property at auction
*Always view the property before making a purchase
*Understand the different types of auctions and their terms
*Be cautious of impulse buys and emotional bidding
*Take the time to understand the paperwork and legalities involved Auctions can be a good option for buying and selling properties, but due diligence is crucial.
*Buyers should view the property, review the legal pack, and ensure it fits their strategy before bidding.
*Financing for auction purchases can be obtained through specialist lenders like bridging.
*Selling at auction can be a quick and efficient way to transact, but it's important to set realistic reserves and have a good relationship with the auctioneer.
*Rick shares his experience of selling two HMO properties at auction and achieving a good result.
*Overall, auctions offer speed and certainty, but buyers and sellers must be diligent and well-prepared.
Best Moments
03:04 Understanding the Modern Method of Auction
06:24 Pitfalls and Perils of Auctions
08:09 The Importance of Due Diligence
19:09 Approaching Auctions Professionally
24:21 Understanding Legal Packs
28:39 Financing Options for Auction Purchases
36:38 Rick's Experience of Selling HMO Properties at Auction
40:19 Benefits and Risks of Buying and Selling at Auction
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