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Buying Property At Auction Just Got Easier

Buying Property At Auction Just Got Easier

Buying Property Using Auction Finance

Many new investors are being inspired by TV programmes like “Homes Under The Hammer” on the BBC, and there are a number of ways for people to purchase properties cheaply, and the auction rooms are the best places to find some real property bargains.

Many property investors get tired of pounding the pavements in their local areas and scouring newspapers for great Below Market Value (BMV) property deals, only to lose out to first-time buyers who were quicker off the mark?

Some property investors tend to scoff at the idea of buying properties at auction, leaving a handful of knowledgeable, savvy investors to pocket the best deals.

Property auctions can be a real goldmine for property investors because many auction houses list properties out of their area, so the number of people bidding on them is low! That’s how some of the most unbelievable property deals are scooped up by amateur investors.

Buying properties at a property auction is a great way to grab a real bargain and a fantastic way for landlords and property investors to expand buy-to-let property portfolios without breaking the bank, using specialist finance products.

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Investors Need To Wake Up To Property AuctionsAre you a property investor who is tired of pounding the pavement, searching for great Below Market Value (BMV) property deals, only to lose out to another ‘quick-off-the-mark‘ first time buyer?

Are you a property investor who is tired of waiting by the phone for estate agents to call with one of those ‘bottom drawer‘ property deals… before they go in the window?

And are you a property investor who is tired of the low-to-zero response you’re getting from all those leaflets you’ve printed and delivered?
(hint: the market’s moving! You need to know why…)

Want to know why NONE of these rookie property investor methods work, and want to know how the professional property investors do it?
(AND how you can COPY exactly what they’re doing right now!)

Warning: This IS NOT the weekday afternoon light-entertainment stuff you’ve seen on TV…

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30% of buyers who bid successfully at property auctions are let down by mainstream lenders, say experts.

Banks are pulling out of property deals after property investors have made successful bids at auction, resulting in buyers struggling to raise finances in order to meet the 28 day completion deadlines set by many auction houses, resulting in a great deal of business for bridging finance companies.

National Development Manager at Auction Finance, Scott Hendry, said:“It’s all too common for high street banks to pull out of funding an auction transaction because of the short timescales for completion or the property has no kitchen or bathroom. Yet most people bidding at auction want the property quickly so they can renovate it to sell on or rent out at a profit. Sometimes bidders assume that the funding has been agreed by the bank or lender when in fact they only have an ‘agreement in principal’ which is wholly different from a real approval to borrow the amount required for the property. We estimate that in 2012, so far, 30% of property investors we have dealt with have had to rely on short-term finance to fund their purchase because their previous lender has let them down. In some cases they have been able to agree long-term funding with their bank at a later date but this process just takes too long for someone trying to secure a good investment opportunity at auction.”

Top reasons why auction property deals fall over:

  • Bank pulls out of the funding due to short timescales
  • Bank refuses to fund because the property has no kitchen or bathroom
  • Borrowers assume the funding has been agreed
  • Delays in depositing the funding from the bank
  • Last minute revelations on the borrower’s credit check prevent funding

A short-term bridging loan secured against other properties in a portfolio is one way to avoid being let down at the last minute.

New Data Shows A Surge In UK Buy-To-Let Property Purchases

New Data Shows 2012 Surge In UK Buy-To-Let Property Purchases

Independent research commissioned by specialist Buy-To-Let mortgage lender Paragon Mortgages has revealed a surge in house-buying activity by landlords as property investors snap up residential properties for rental.

UK landlords increased the number of rental properties in their portfolios from an average of 9 to 10.8 residential properties in the first quarter of 2012.

The new report, produced by independent researchers BDRC Continental, also shows that 20% of existing UK landlords expect to purchase more property over the next 12 months, and that the average UK rental property houses 1.3 tenants.

2 Bedroom terraced houses continued to be the most popular property choice for Buy To Let property investment (64%), followed by flats and semi-detached houses.

Property auctioneers have also independently been reporting increasing numbers of buy-to-let purchasers in property auction sale rooms across the UK.

There Will Never Be A Better Time To Invest In Property

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