Mostly, property auctions are for vendors whom require a quick purchase or desire to sell property with varied complications. Nowdays, property auctions are being flooded with property that just simply aren’t moving due to the present economical climate, so purchasing from a property auction need not be a daunting experience.

At a recent property auction I attended (I never bought the property I was after cause bidding suprisingly went crazy!), nearly all the property were made up of repossessed property, most ofwhich guide priced at 30% BMV (Below Market Value).  So, literally, think of a property auction as a ‘quick buy’ scheme, rather like a speedy estate agents, cause the portfolio of property these auction houses have are increasing each time they have a new sale.

Do not forget with property auctions, that you can also purchase property that were not sold or did not reach their reserve. These property usually offer great value for money. A guide price not reached at auction, might go for less after the auction as the owner (usually a bank) just wants to clear their stock.

Do I have to pay to receive auction catalogues or to know where to find auctions? No! And I repeat, No! Why you ask? Well, if you search for property auction, for instance in the uk, ie ‘property auction in UK’ you will obviously get search results. Now, if you have time on your hands, say two hours, you can filter through all the ‘pay us for sending you a property auction list’ and find all the actual property auction houses that will have either an online auction catalogue of their next up and coming auction or give you the opportunity to subscribe for a catalogue to be sent by the post.

If you would like some more information on property auctions then reply to this blog and I will forward you a list of UK property auction houses totally free, so you can also be searching for cheap BMV property and importantly, you will not be paying for this information!

Good luck buying property and do not forget that houses/flats/land etc are not only for sale in Estate Agents!

The government is trying to combat these fast increasing figures, but really are fighting a loosing battle as inflation still remains very high and the massive increase in job loses all round the country. Add to this that many home owners who pruchased over the last few years already see themselves in negative equity, times for home owners looks very bleak for the short to mid term future.

My personnel opinion? A lot of these repossessions are those that stretched themselves too far with their house purchase, that never planned ahead and thought about potential bad times that could lay ahead. Ones that never read the small print on their mortgages they took out, just lived for today and didn’t think about when the higher interest payment rates were to come about. Never saved, but just used their plastic friends to buy the new car, new kitchen, new flat screen TV’s, SKY TV fees, the holidays to sunny shores???

I just feel sorry for the very few that are genuinely hitting hard times, that did lose there jobs dispute many years loyal service and the inflation increase has taken them well above their comfort zone. That they now find themselves in negative equity and quite literally find themselves in a ‘no move’ situation or they admit defeat and give the keys to their homes back to the bank… but where some lose, some are to gain and at last young families can afford a house to live in as we see house prices falling, and as one house sells for cheap in an auction and somebody has lost everything, someone will gain a new start in life and a cheap property to live in.