Anyone in the property market will tell you they’ve had a tough old time of late. The recession, government changes and a general downturn in spending has meant that houses on the market aren’t shifting. Not anywhere near fast enough anyway. People have had the unfortunate experience of having a house up for sale for as long as they can remember it feels like, often with not even one measly viewing. Whilst people will suggest they lower the price of the house, this is not always possible for the homeowner. For those that it is possible to do, they have found using Online Property Auctions can help. The auction format means that more often than not the house is sold for less than the market may offer but it will provide a quick property sale which for many, is highly desirable.
For people who have struggled to drum up any interest in their property it may be an idea to think outside the box. A farmer in Devon had his house on the market for nearly two years and has had very little interest. He has decided to offer a £20, 000 cash reward to anyone who manages to introduce him to a buyer. Spread the word people! Another optimistic seller has decided to try a different initiative. A businessman in Buckinghamshire has decided that anyone who ends up buying his listed house will get his 36-year-old Triumph TR6 – For free with the sale and a seller in Nottingham is offering a brand new Ford Ka with the sale of his house.
Whilst it is still a good idea to try more orthodox methods like Online House Auctions in the first instance, if the going gets really tough, consider what else you could offer alongside your property to incentivise the buyer.
Houses are put up for auction for all manner of different reasons, whether the owner is after a quick sell, the house is in need of serious modernisation or it is purely that unique on the open market that valuing it is virtually impossible.
People attend Online Property Auctions for the vast array of different properties on offer and the bargains they can pick up, but even the most discerning property auction goer may find themselves a little surprised, if not shocked to come across one particular lot when they visit their next auction.
Wymering Manor is an eerie 17th century grade II listed building which used to be a vicarage. It also happens to be the most ‘haunted’ manor house in Britain and has made into the domesday book, on ‘Most Haunted’ on TV and has a gained an impressive reputation amongst ghost hunters for having high levels of paranormal activity at any one time. Activities include, to name but a few, children’s whispering, sudden changes in temperature and strange apparitions.
The council, who currently own it, are putting it under the hammer at a Residential property auction soon to try and save costs. The house certainly has a unique selling point and any potential buyer may see the opportunity to buy this and make some money offering breaks in the ‘Most Haunted’ House. Avid ghost hunters would surely relish the chance to experience just one night where they may come across any manner of paranormal activity: An experience surely worth gaining if not to just pass down to your grandchildren in story form one day.
When looking to buy a Devon property there are a few questions you should always keep in mind to make sure you end up buying the house of your dreams, rather than a home from hell.
When speaking to the seller, either directly or via a Devon estate agents there are a few questions you might need to ask:
- What exactly does the sale include – garage, size of land, fixtures and fittings etc
- How much is the current council tax bill and utility bills
- What are the neighbours like
- Has the loft been insulated
- Have there been any problems with the boiler and when was the last time it was inspected
- Does the property have cavity wall insulation
- Does the property have central heating, and if so how old is it?
- Is the property a listed building or is it in a conservation area
- Has the property been altered in anyway, and if so is it possible to see the relevant planning documents
When viewing the property there are some questions that you should be asking yourself.
- Does the property need any updating?
- What are the views like?
- Do the windows need updating, if it’s a wooden frame and you can press your fingers into them they could well be rotten
- Is there enough storage space?
- Are there enough power points?
- Are there any cracks in the walls that could be a sign of subsidence?
- Can you see any signs of damp?
- Is the pointing on the walls still intact?
If you find yourself struggling to answer any of these questions you might want to take a professional around so that they can point out any potentially problematic faults.
The biggest question you will have to ask though is one that only you can answer, does this feel like your home?
With the current financial climate the amount of repossessions is on the increase, figures show that house repossessions are at a 14 year high. Many people who are close to having their property repossessed are trying to sell their house as quickly as possible which in turn gives first time buyers a chance to pick up bargains by buying what the industry has named ‘Distressed property’.
What are the advantages of buying a distressed property?
One of the main advantages of buying a distressed house is the price; distressed sellers are looking for Quick Property Sale and to claim back the best Cash for Property they are selling.
Distressed properties can sometimes give buyers a price reduction of up to 30% of the properties recommended listing price. Another advantage to buying a distressed property is the fact that no chain is involved so the buying process is much easier and faster for the parties involved.
What are the disadvantages of buying a distressed property?
There are not many disadvantages to buying a distressed house; the only factor that can differ between distressed and normal house sales is the house condition. Many houses are refurbished and renovated before they are sold to increase the value returned, with distressed houses they are sometimes in poor condition due to the owner’s financial situation. In some cases the previous tenants may have removed as much as humanly possible from the house to recoup as much money as possible to repay their debts, so houses in this condition will cost more to refurbish and make habitable again.
Buying a property is a big step for anyone to take. A property will be the biggest purchase of your life and for low to medium earners one that can be very hard to initially buy. The hard work often pays off though as you can find yourself with a good return on investment, especially if you buy a Below Market Value Property which often come in the form of repossessed homes.
A repossessed home is becoming more and more common and whilst there are a wide variety of reasons for them to happen, one of the most common reasons is the owner struggling to pay their outgoings on a monthly basis. Once this happens more frequently, a back log occurs and they get into more trouble. Often, the only option for them is declare themselves bankrupt and it is generally at this point their house is repossessed and is put up on a Residential property auction.
Because these houses often require a quick property sale they can be available for far less than if they were valued and put on the open market which makes them a great investment for first time buyers. Of course, its not just first time buyers that like to take advantage of the investment opportunity, it is honed business men and women who see their next money making opportunity.
It is because of this that it is important that you do your research prior to attending the auction and if possible attend other auctions before the one you want to bid in so you can get a feel for how they work. If the process is all a little daunting or you find attending these live auctions problematic then there are a whole host of online property auctions these days that you can safely bid in the comfort of your own home.
So, you’ve bitten the bullet and decided to try and buy BMV property through an auction. Hopefully you have chosen to do this having spent some considerable time researching and attending previous auctions so you have got a feel for what they are like, what the process is and how the format works.
Here are just a few reminders for you prior to your big day:
- Before bidding takes place it is a good idea to get pre-qualified by a lender so you know that you have the financing on the spot if you are the successful bidder.
- When the hammer goes down and the auctioneer says sold, that property is yours. There is no going back at this point so you need to have made sure you have researched the property well and are certain you want it.
- On any given auction day it is quite possible for twenty plus properties to be up for auction and each one could take as little as an hour to be won, so you need to be on the ball and make sure you are ready for your ‘lot’. If you snooze you lose.
- Keep to budget. One of the biggest pitfalls people face is when they get too excited and end up bidding more than they have originally allowed for the property. This can lead to all manner of problems so stay disciplined.
Of course, these days, auctions can be even easier than this. Surf online and you will come across Property for sale by auction online, which makes the whole process as easy as bidding for something on your other favourite online auction sites.
It is expected that over 35% of people will use Property Auction Websites to sell their own home in the next 5-10 years and there are several reasons why this may be.
One of the biggest and most attractive advantages of selling a property online is that it is guaranteed to be a quick sale. No time wasters are allowed and it means that you’ll not have to show your house to every Tom, Dick or Harry on request. One of the hardest things to do is sell a house when you are working full time and struggle to find the time for other important things, let alone to be at home so you can show a potential buyer around.
Another attractive advantage of selling your property via auction is that the house is put up and sold ‘as is’ rather than the open market where most estate agents will encourage you to ‘spruce it up’ and modernise the interior prior to selling if your house requires it. One of the biggest problems this causes is trying to find the money it will take to make the improvements and then also the time this will take too. An auction house will take the property as it is and anyone that is bidding on the property will be aware that it is sold as is.
When one of the main reasons to sell you house is to free up some money and help you get back on your feet, selling a house via one of the Online House Auctions is one of the best ways to do this due to the speed your house can be sold.
Property investors have had some good news recently. The abolishment of HIPS (Home Information Packs) has meant that more people have put their house on the market, due to the immensely off putting HIP charge being waivered.
A HIP became compulsory for any person wishing to sell their home if it had four or more bedrooms. The average HIP would cost anywhere in the region of £250 right up to £1000 and it is believed that this was a deciding factor for many to choose not to put their house on the market. Of course, this had a knock on effect, largely for property investors who were looking to Buy Investment Property to extend their growing property portfolio. They had fewer opportunities to invest, but also it led to people being stuck living where they didn’t want to, in a house they didn’t want to live in anymore.
The market became more and more stagnant and the HIP became an increasing bone of contention. Only three years after the government started to roll out the first stages of implementation it has fallen to its feet and thankfully been abolished. From promising to revolutionise the way properties were sold it quickly over complicated the selling process and made the whole experience far more expensive and stressful for the seller.
The availability of houses on the market are already expected to rise as a result of the abolishment of the Home Information Packs and property investors are hopeful for a more buoyant market where they can benefit from a BMW Property.
I’ve got an idea that might defy any or all of the good advice you have had over the years. You’ll be familiar with this good advice, it starts off with your parents telling you how important a good education is and carries on throughout the years to how important it is to get on the property ladder. I believe that whilst the first piece of advice is always going to be good, I feel the second piece of advice is only good when the timing is right. Buying a house in today’s climate is actually probably not a good idea and whilst many have already bitten the bullet and got on the first rung of the property ladder, those that haven’t shouldn’t feel envy.
It’s a known fact that many of the people that have got on the property ladder have been struggling to repay their mortgage with arrears mounting up month after month and as a last resort settling for a Quick House Sale for Cash. If you are one of those people, you will probably feel enormous pressure and stress especially if you are responsible for a family too. There is often a great deal of shame that comes with admitting you are in financial dire straits but the sooner you face up to the problems you have, the sooner you can get it sorted and move on with your life. Sell your property and rent it back could be a good option if you want a quick sale or alternatively you could cut your losses altogether, sell up, settle up and go and fulfil your dream doing what you have always wanted to do.
What’s more stressful than selling your home? Losing your job, being riddled with debt, experiencing a family break up, or all of the above? It just so happens that having to sell your property is usually as a direct result of all or one of these factors mentioned and you may be praying for someone to come along and buy your property for cash to get you out of the hole you are on.
For some time there has been pressure and an expectation to own your own home in this society: get on the property ladder and have a mortgage. But what happens when the mortgage becomes a noose around your neck? With the economic climate being as it is, the threat of redundancy is omnipresent. When it happens, the inevitability of running up debt just to survive and feed your family is inescapable and can lead on to greater problems like your marriage due to the high stress levels and constant worry looming over your heads.
It can feel like there is no where to turn and whilst it was once an exciting reality owning your own property, providing for your family and having those big plans, is it now a distant memory replaced with fear and anxiety. The DIY plans are put on hold, the garden landscaping axed and trying for another baby suddenly seems reckless. Whilst you are stressing about how to cover the increasing mortgage repayments you may be relieved to know that there are companies that allow you to sell your property and rent it back. This means you and your family get to stay where you are, the kids continue with the same school and there is no upheaval caused by moving. Plus you get to pay a reasonable rent rather than an extortionate mortgage, so perhaps some of those plans you had shelved can be dusted off and started again.