Buying a property at auction can lead to some real opportunities. It also can present you with some unique challenges – if you buy a property at an auction, you’re committing to finding the cash needed. There’s no backing out if you have unexpected issues – you made a commitment.
With the tight payment timescales that come with buying at an auction (normally you only have 28 days to complete), it pays to make sure you’re confident in your finances when looking into auctions. That’s where we come in – with ASC you can be sure that your finances are sound.
At ASC, we know we can find the right finance for you, no matter what stage of the process you’re at – whether you’re only just considering an auction or have already successfully bid on a property.
ASC can arrange the right business finance for you, whatever you need:
- Commercial Property Purchases at Auction
- Residential Investment Property Purchases at Auction
- Bridging and Re-Financing
- Capital Raising Prior to Auction
Your local ASC Director knows the ins and outs of property auctions in your area. They know which lenders work in the right manner for SME purchasers and can put you in the most advantageous situation. They know the lenders who are most willing and able to work with the short time periods that auction finance requires, and how to position you best to get their attention.
Tips for buying a property at auction:
- Do your research. Make sure you have fully looked into a property before making a bid. You need to ensure that you have done your sums and that you know whether you want to purchase the property, and how much you would be willing to pay.
- Stick to your budget. Make sure you have a plan for the day of how much you are prepared to bid for the property. You need to make sure that a transaction makes financial sense and that you are not paying more than you think it is worth.
- Have finance prepared in advance. If you win the property at auction you only have a short window (usually 28 days), to complete the purchase. Therefore, you need to make sure there are no surprises. If you need finance to help you complete, it is better to have this lined up in advance, rather than waiting until you are committed and running into potential problems.
If in doubt, don’t commit! If your bid is successful then you are due to pay your deposit. So, if you are unsure and risk pulling out of the deal, then you are likely to lose this – which is usually 10% of the purchase price. So make sure you are in a confident position to put up your hand!
So, if you want to make your finance journey faster, simpler, better – there’s just two things you need to do:
1. Get in touch with us.
Your initial consultation is free and without obligation.
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2. Let us do the hard work.
We’ll handle the finance, so you can focus on what really matters – your business!