Myra Butterworth shares insights in the final installment of a three-article series on buying property at auctions, focusing on post-bidding actions and the crucial steps to ensure a seamless completion.
Immediate Actions Post-Bidding:
The buyer must sign the memorandum of sale and pay a deposit, typically 10% of the purchase price.
This signifies the exchange of contracts and triggers the 28-day countdown to completion.
The emotional rollercoaster experienced by buyers is acknowledged, emphasizing the need for swift action.
Communication and Coordination:
The importance of communication post-auction is stressed, urging buyers to inform their solicitors and financial brokers promptly.
Coordination with these parties is crucial for the smooth progression toward completion.
By emphasizing communication, the article underscores the collaborative effort required from various stakeholders involved in the property transaction.
Meeting the Completion Deadline:
The 28-day completion deadline is identified as one of the advantages of auction purchases.
Maintaining open channels of communication during this period is advised to address any potential issues promptly.
The section emphasizes the need for transparency and proactive resolution of challenges.
This segment sheds light on the efficiency of the auction process and provides insights into managing the tight completion deadline.
Preparation for Renovation and Insurance:
The period between the auction and completion is suggested as an opportune time to line up tradespeople for potential renovation work.
Additionally, the article stresses the immediate need for property insurance post-exchange, as stipulated in the legal pack.
The importance of timely arrangements to secure insurance coverage is emphasized.
Practical tips on preparing for property renovations and obtaining necessary insurance contribute to a comprehensive guide for post-auction activities.
Rising Popularity of Auctions:
A brief section highlights the increasing popularity of property auctions.
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