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TopInvest Real Estate Auctions Tips
Auction properties or foreclosure is probably one of the easiest ways when acquiring a house. There are some benefits and drawbacks that should be considered before buying an auction property.
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Here are some tips and strategies that you can use to acquire a good property. Never be swayed to buy a property in auction without viewing it first. It is something any buyer should bear in mind when in buying in auctions.
1. Get prepared and have some necessary items with you. Bring a digital camera or camcorder to record certain features or fault that you discover and be able to see it again in your camera. This would also enable you to walk through each room and scan every possible corner of the property. You have then recorded it to view at your free time to sort out some good point and have a good choice if you have many options.
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2. View the property carefully. You now have now an idea of property. It is also advisable to take someone along that knows what to look for.
Don't be turned off by a broken doors or plaster on walls and ceiling, missing kitchen cabinets and dirty looking bathrooms. This is just a minor problem that can be fixed with a minimal cost.
Take some notes as you view each room. Jot down the dimensions, how many bedrooms, check the condition of the windows if it works properly, floorboards, stairs, walls, damps and ceilings. Try and take a look in the attic; make sure you can't see any daylight passing through, signs of deteriorating under-felt, check rafters, and ceiling joists.
3. Check also the outer part of the property. Check the roof tiles and see if there are missing ridge tiles or mortar missing from joints.
Check also the rainwater system and the damp course. Level land should be underneath the damp course. The black layer of bitumen-like material is normally 2 to 3 bricks up from the ground. Some older properties do not have a damp course. Sometimes it is inserted in recent time and you'll be able to discover it having a 15-20mm diameter of pellet holes which are corked with caps.
Check on the exterior window sills for timber decay. Use a key or any material to press into shelf and timber framework to see it they are soft. The wood is rotten if the key presses in like a knife through butter. It is an additional cost repairing a window shelf and maybe the window themselves.
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Check also the mortar joints in the chimney and walls for decay or missing mortar. Repairing or renovating a property can be easily done but of course you would have to spend a lot of money.
