"Sold to the highest bidder!" Buying a home through an auction can mean incredible deals. In most cases, the seller is either the government, which has taken possession of the property due to unpaid taxes, or the lender, when the former owner stopped paying the mortgage. Despite the sad circumstances, competition for homes can be keen. this one bedroom flat in south london will be sold at auction around 130,000 finishing price, the next day with nothing done to it you can sell it on for 140 to 180 depending on how long you are prepared
to wait. above this two bed will finish at 150 thou in east london, next day add 10 grand and its still a bargain to whoever buys it. Why dont people buy at auctions? Well because they are scared and have no building knowledge for refurbishment but its all there on google
another in mitcham finishing price will be around 195 thou but will easily be sold the next day for 205 and thats a real bargain to whoever buys it, buy three in a day and get your whole salary in a day. Donmt have money , not a problem, put down a deposit and get a mortgage then pay all the mortgage off straight away and sail on. you dont have any money whatsoever apart from a couple of hundred quid then form a syndicate , get people in the same boat as you to put money in, get a business plan done for you and then buy and then sell, itll take longer but with a group syndicate you can do in a few days what will take weeks to do in making a house better then you really earn.Think ab out Italy, theres lots of good stuff that italians dont want but the brits do,this place below is five minutes from the sea and is in nardo for 25,000 
prices are cheap even not at auction, forget spain too manyt hiccups-
- 1 think about who could rent or buy the property, on a crap street it might be no one but in a un iversity town this may not matter
- 2 Get preapproved for a mortgage. Have your financial package ready to go before the bidding begins.
- 3 Look in the newspaper classifieds or under "Home Auctions" in the Yellow Pages and on Internet search engines. Call nearby real estate agents to see if they're aware of any scheduled auctions. Add your name to mailing lists from local auction houses to be alerted to upcoming opportunities.
- 4 Get a list of the properties up for auction. Get as much information as possible beforehand from the auctioneer to get a feel for which properties may interest you.
- 5 Visit the properties on the block. Auctioneers generally have a preview date during which tours of the house will be given, although this isn't guaranteed.
- 6 Have any home in which you're interested inspected by a professional inspector. This can cost several hundred dollars but will identify any significant problems that affect the value of the home, such as pest damage, faulty foundations or leaks. You may get approval to have the home inspected as a contingency, but bear in mind that contingencies of any kind reduce the probability of the bid being accepted at the lowest price. Other auctioneers only sell properties as-is.
- 7 Decide how high you're willing to go. Mentally setting your maximum bid can stop you from spending more money than might be reasonable for a property, or losing a deposit.
- 8 Realize that buying at auction involves some risks. In some cases, you can't withdraw a winning bid, even if you're not able to secure financing later. Penalties for backing out of a winning bid can be steep, often as high as 25 percent of the bid amount or whatever the bid deposit may have been.
- 9 Finalize your mortgage if yours is the winning bid. Contact your lender as soon as possible after the auction to wrap up your financing and paperwork.
- 10 Close escrow. Typically, you will have two weeks to 30 days to do this.
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