Buying at Auction

Some of the best opportunities can be found at Auction. Until now, buying a property at auction can bring a lot of risk and unknown challenges. Many homebuyers are put off by the risks associated with buying an auction property

Challenges buying at Auction

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    Some properties can be difficult to get a mortgage on. For example if a property doesn’t have central heating, you will find it difficult to get a traditional mortgage

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    Typically, at Auction you are asked to pay 10% + fees on the day of auction, should you have a winning bid. This can be risky, if you haven’t got your finances in order to complete

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    Bridging loans are available to help with buiying at auction. These sit between 10 - 11% interest rates and can make homebuyers nervous as you have to pay this back over a certain period

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    Most auction properties require renovation, redesign or redevelopment. This can be an unknown and typically pulls on cash resources and time to manage the project

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    Underlying issues can be common with auction property. Whether this be structural or other issues, unless these are identified and budgeted for early in the process, it could be a nasty surprise further down the road

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    It is quite demanding to complete a full renovation of an auction property. Although you may have fallen in love with the potential, it takes a lot to realise the potential of auction property

✺ Frequently asked questions ✺

  • We have a proven framework of conducting a structural survey and our solicitors validate the legal pack

  • Once you’ve found the property that you want to eventually live in, Flipped buy the property on your behalf

  • We build out the design and renovation brief. This will take into consideration your preferred styles and finishes, along with design inspiration. As soon as we complete on the property, the renovation commences

  • When the renovation has 8 weeks remaining, we will start to process with your solicitors towards an agreed exchange and completion date

  • Prior to Flipped acquiring the property from Auction, we will share a Final Sale Price. This is agreed between both parties before we acquire the property

  • The final sale price is determined by a fair market price for the completed home. We use our proprietary pricing model, which looks at the property value, market conditions, renovation spend etc. Finally we validate the final price with an indepedent remote valuation service, to ensure we are providing an accurate sale price