Many property investors use property auctions to find property at bargain prices, and it is estimated that over 35,000 properties are offered at auction each year. Now, a new website has been launched that is designed to simplify searching for residential, commercial and semi-commercial properties.
Provided by the Essential Information Group (EIG), the website offers a number of parameters that can be used to search for suitable property. These include location, price and property type. Users can even search past auctions to find the price that similar properties were sold for.
Alerts can be set up that notify you as soon as a property comes on the market that fits your search criteria.
The site aims to be up to date so that potential property deals can be found even before they appear in auction catalogues.
The site also features a live stream where it is possible to monitor the bidding at auctions without needing to be there.
For those new to the world of property auctions, the website has a handy step-by-step guide to buying property at auctions. In this guide, EIG advises that non-cash buyers should be aware that they will need to have finance available to complete the property purchase. The group advises taking out a bridging loan that will provide short-term funds to complete the purchase prior to arranging a long-term mortgage, and the site provides a mortgage calculator to help people monitor their property finances.