Buying abroad - property for sale overseas at auction
Auction property for sale overseas is becoming increasingly popular with investors and holiday home-seekers. Overseas properties are growing in popularity and people are increasingly looking at more cost-effective ways of buying abroad. The best value property for sale overseas can often be found going under the hammer.
Advantages to buying overseas properties at auction
Buying abroad in this way can be beneficial to the purchaser for several reasons:
- Overseas properties may be available below market value because the vendor is desperate to sell or the house has been repossessed.
- Estate agents have been removed from the equation meaning they cannot inflate the price of property for sale overseas to increase their commission.
- All kinds of overseas properties (commercial, residential and land) may be available at auction.
- The long, drawn-out process of buying overseas properties can be avoided and the deal completed much quicker.
Drawbacks to buying abroad at auction
Like any method of buying abroad, auctions are not without danger for novices, such as:
- Not seeking professional legal advice and believing you can conclude the deal for property for sale overseas on your own.
- The details of property for sale overseas not being checked to ensure you are buying what you think you are.
- Getting drawn into a bidding war beyond your means. Work out your budget for buying abroad and stick to it.
Solicitors fully conversant with the laws regarding overseas properties and the country you are buying in will be able to help you avoid these issues. A property for sale overseas at auction can represent great value for money, but ensure you do not fall victim to any of the associated pitfalls.
The process of buying abroad at auction
The auction process will obviously depend upon which country you are buying overseas properties in. Each country has its own traditions and property laws, which, once again, highlight the importance of obtaining independent legal advice.
In Spain, you will submit a sealed tender, along with a 20% deposit, and a judge will decide upon the best bid for property for sale overseas. In France however, bidding takes place while a pair of candles burn down with the auction completed when the second burns out.
How to find out about property for sale overseas at auction
When buying abroad, the Internet is the easiest place to start looking for overseas properties available at auction. Several websites list property for sale overseas which will be going under the hammer.Notices of overseas properties set for auction will also be taken out in the local, national and trade press. Property finding services will also be able to advise of how you can go about finding auctions and buying abroad. An auction may be one of the best ways of finding a bargain property for sale overseas but make sure to check all details of the property, stick to your budget and obtain legal advice.
