How to Buy Auction Property: From Viewing to Exchange in Under 3 Hours!

19 Jul

Today I have astounded myself.  Yes, I have to be honest, I really have been surprised at the speed at which even I have bought a property!

So the day started at 10am – I viewed a property in Stevenage.  I know it’s a town not to everyone’s taste, however it’s massively popular with families and commuters as it’s just a 20 minute train journey from London and house prices are dirt cheap in comparison.

It’s also located just 15 minutes away from where I live – which makes it a very quick commute for me.

So I turn up and the viewing doesn’t start well.  For the life of me, I cannot find the property. I can find every number either side – but not *the* property I had come to see.

A call to the agents puts me right and I am rescued by the viewer who politely escorts the numpty (aka me!) to the property.

Once inside, I am pleasantly surprised. I know it’s a probate sale, but it is so clean and tidy – not usual auction fodder!  Yes, it’s dated – but you know it has been loved, it’s got double glazing, a lovely garden and was also situated on a popular estate close to the Old Town.

The pressure was on though…the property had not sold at auction yesterday afternoon…and now an offer had been received.

If I wanted it I had to act quick.

Walking around the property I would love to tell you about the period features and all that junk, but you know what, I can’t. It’s a 1960’s property with generous proportions which needs updating.

Looking around the house, I just couldn’t help but feel what an *easy* project it would be…and I couldn’t get over the fact it was just 15 minutes away from my home.  And – it had potential to be gorgeous!

I had a think. I had a look again. I ummed and arrhed…family homes are not really my bag of chips….

And then I decided to have a coffee and mull. I did my sums and I phoned a property friend.

The resale value of the property was around £195-£200k so there was profit to be made.

I was driving back home and still mulling it over…then I remembered the stairs in the property.  While not a period staircase, I remembered them being spacious.  Yes, I decided: I will make a feature of the spacious stairs! I will get *cool* stripey stair runner carpet – that will make it look fab! And in that moment the decision was made: I was buying the house!

This house needed me and my stripey stair case runners!!

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So I called the auction house and told them I would give £147k.  I knew the reserve was £153k, but £147k was my best and final offer.  Take it or leave it.

They took it!  They called me back just 5 minutes later and asked me to go to the office to pay the 10% deposit and the memorandum of sale.

12.55pm I was at the office completing the paperwork and paying the dosh – less than 3 hours after I first viewed the property.

Now – even for me – that is a record auction purchase!  All I’ve got to do now – is track down the stripey stair runner carpet…

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