Released on = April 9, 2007, 10:03 am

Press Release Author = Jimwatson

Industry = Real Estate

Press Release Summary = Property auctions have long been seen by property investors
as places to pick up a bargain. Many properties that go to auction do so because
they have been repossessed, or their owner is bankrupt and needs to effect a quick
sale. However, auctioned property can often require more structural work and
refurbishment, something to be aware of when making an offer.

Press Release Body = Property auctions have long been seen by property investors as
places to pick up a bargain. Many properties that go to auction do so because they
have been repossessed, or their owner is bankrupt and needs to effect a quick sale.
However, auctioned property can often require more structural work and
refurbishment, something to be aware of when making an offer.

In years gone by, auctions were often more likely to take place in the capital, but
recent years have seen continued expansion to the regions and it is now possible to
find a property auction in almost any local area. According to Thisismoney.co.uk,
properties that go at auction can cost 40 per cent less than they would in a
conventional market sale. That said, if there are several potential buyers and a
\'bidding war\' is initiated, the price can increase exponentially.

Another advantage of buying a property at auction is the relative speed of the
process. Once the investor has registered with auctioneers, they will be sent
information on auctions and properties in their region. If they see something that
interests them, they can then contact the auction house in advance to arrange a
viewing.

Assuming the investor wished to purchase the property, they will arrange a survey
and have the necessary finance in place by the time of the auction. It is then just
a question of entering the highest bid at the auction itself.

According to the Essential Information Group (EIG), a body that provides investors
with news of auctions taking place around the country, there has been a \"terrific
increase\" in the number of properties going to auction in recent years. Spokesman
David Sandeman attributes this, at least in part, to the market taking advantage of
new technology. \"The internet\'s made it very easy for people to get information as
to what\'s coming up at auction,\" he said.

However, Mr Sandeman also warned investors to be prepared to spend on any property
they do acquire. \"Generally properties at auction are unmodernised and could benefit
from some work,\" he cautions. However, the type of work involved is \"mainly
refurbishing kitchens and bathrooms\" and the buyer should be able to \"buy something
that\'s reasonably priced, refurbish it and get a decent return,\" he said.

According to EIG figures, residential auction transactions rose by 132 per cent
between 1997 and 2006, from 7,883 properties to 18,303 and last year, auction sales
accounted for just under two per cent of the property market.


Web Site = http://www.assetz.co.uk/

Contact Details = Assetz House, Newby Road, Stockport, Cheshire, SK7 5DA, 0845 400
7000, linkexchangeseo@gmail.com