For property investors, auctions are one of the excellent place to buy investment properties at bargain prices. While, for homebuyers, they can also find their preferred property at best possible price at auction fairs. In last article, we’ve had talked about how the auctions come about. Well, in today, we will talk about where to find auctions;
Where To Find Auctions?
According to the legal procedures, once a property is being put up for auctions, the moneylenders lawyers will have to appoint a licensed auctioneer to advertise the notices of auction in any of the major newspapers.
This notice of auction is called the “Proclamation of Sale” and it include the brief details of the following;
1️⃣️ the location of the property, size and type of the title
2️⃣️ moneylender’s particulars
3️⃣️ the property’s reserve price
4️⃣️ the contact details of the auctioneers
5️⃣️ moneylender’s/ bank’s lawyers
6️⃣️ place, date and time of the auction
7️⃣️ payment method of balance purchase price, the usual being 90 or 120 days.
Other than newspapers, the property investors or property buyers who interested in auctions, they can get the notices of auction at following places;
1️⃣ Every moneylenders’ branch offices, courthouses, auctioneer and lawyers’ offices will place the latest notices of auction at their auction notice boards. They can also call up the moneylenders’ collection and/ or credit department to get the complete information and list of auctions that have already been advertised on newspapers or somewhere else. However, due to banking secrecy laws, the property investors or property buyers are unable to get the list of auctions or upcoming auctions from any banks.
2️⃣ Besides of the above places, they can also get the latest notices of auction at property agents’ offices especially those that connected with banks and auctioneers on auctions properties. Furthermore, these property agents do organize “auction fairs” in hotels from time to time. They will invite all the auctioneers and moneylenders to put up their properties for auction. In this event, there will have over a hundred properties are put up for auction, so, the property investors and property buyers can choose their preferred property and start make the bidding.
3️⃣️ For those people who interested in auctions, they can search the website of property agents that organize auction fairs to get the complete information and list of auctions.
In order to attract a large group of property buyers/ investors to attend auction fairs, the auctioneers have to publicize the property auction as widely as possible. The reasons are that a large group of property buyers/ investors can maximize the recovery value and the final property sales prices can affect an auctioneer’s commission. Furthermore, the auctioneer’s advertising costs and documentation charges will be paid by the moneylenders.
Now you’re understand how the auction property come about and where to find auctions and we will continue to talk about the steps of buying auction properties in next article. Stay tuned!