Entrepreneurs may well be on high alert in the UK, with the unprecedented events of the first half of the year 2020, proceeding to enter a period of active trading gain. Filled with opinions for some the condition is positive and for some negative. Depends how property entrepreneurs looks at the opportunity based on their own personal situation. Thenegotiator.co.uk stated; The situation is ever changing. But when the market recovers sellers and buyers who found up to date information on specific estate agent websites are highly likely to refer to these companies first and foremost.
Interest rates remain low is certainly a positive when it comes to purchasing a property. ‘The mortgage industry is probably at the most competitive it has been in many years, with staggeringly low interest rates on offer across two-year fixed, and the increasingly popular five-year equivalent’, mortgagesolutions.co.uk. Homes are not in short supply, there are always vendors needing to sell at a lower price as well as those who does not mind waiting for the bigger prizes. Desperate buyers, unaware of the property pitfall for being a motivated buyer, where decision making is not at its best.
Desperate sellers contribute to the concept of motivated buyers as they are truly offering a bargain as somewhat is pointed out by flyinghomes.co.uk; Generating BMV motivated seller property leads organically via a website or social media is difficult at the best of times. Other methods can include newspapers and leaflet drop (expensive). However, local advertising and targeted leaflet drops can be very effective if you know the precise locations to target.
Rental values are robust is part of the motivated buyer’s syndrome and Mortgage lenders are competing for new business and offering favourable terms to catch the investors. From now there will be a ‘back to business’ atmosphere, we are ready for trade.
Auction is yet another place, this time online to purchase properties, beware it is not free of the danger of falling in the property pitfall. Buying at auction are call bidders, the preparation is intensive to ensure one obtain the right property to suit one’s strategy.
The property auction bidders have a catalogue of properties at their disposal, giving general info and it is not to be taken as accurate or compete. Property auction bidders should seek for the ‘legal pack’ for the property they are interested in. This ‘legal pack’ must be read prior to the auction. The catalogue and legal pack could be download online.
Prime Life Enterprise Ltd suggest taking action as part of due diligence for traditional or and online auction, here are some but not an exhaustive list;
- Browse the catalogue
- Read the legal pack
- Work out your finance
- Get your deposit ready
- Choose a solicitor
- Get tax advice
- All other legal advice needed
- Have a mortgage broker
- Work your return for the chosen strategy
- View the property
- Order a survey if you want
- Research anything you feel is important
- Speak with local builders get quotes
- Work out your finance accurately
- Be happy with the area
- Read the entire auction process
- Decide if it’s going to be you or proxy bidding
- Have your deposit ready
- Have your mortgage ready
- Be early on the auction day
- Be familiar with the auction procedures
- Have your I.D and all other legal detail with you
- Don’t cry over a property there are others
- Don’t be a motivated buyer
- Never go beyond your bidding limit
- Your business partner is up to date with all info
- Read and know the auction rules there is no going back
- Wining a bid is a legal commitment
- Prepare what you will do after a win
WHATEVER ELSE TO PREPARE YOU
The legal pack is called such being the importance of the statement, it is legal! Once a person bid and win at an auction included online bid, they are bound by all the terms of the property vendor and the auction. It states, all other costs, ensure the property entrepreneur are happy with all the ‘other’ cost beside the general that is openly spoken of. There are various ways to bid at an auction, read an auction house terms and conditions and that which is different for online bidding.
Melvin Mayard predict that online auction bidding would become a favourable form of property purchasing from 2020. This part of the market would experience a growth from now on inclusive of phone and proxy bidding. Remote bidding would be managed in house on the auction platform. Also start now to get familiar with the whole auction process even if one is not ready any time soon for auction bidding. The longer one prepares for the event, the greater the knowledge and confidence. Register, read the rules, watch some online auctions and attend live auctions houses for experience.
The auction house is only another way of purchasing property, not a financial property management strategy for purchasers as it does not always guarantee below market value purchasing power. More so one may use this as a strategy for selling properties, either way it is not guarantee to deliver the maximum results, one may or may gain or lose with the process. Property entrepreneurs should not be ignorant of the auction process, such excuse would one day prove dangerous. It is no joke, due diligence must be carriers out on a full-time basis, lack of information would lead one closer to the property pitfall.
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