In this episode, Nick and Rick discuss buying property at auctions. They explain the different types of auctions, the pitfalls and perils, and provide tips for buying at auctions, and also caution against making impulse buys and getting caught up in the emotion of the auction. Overall, they highlight that auctions can be a good place to buy and sell property, but it requires a professional mindset and careful consideration. Buyers should view the property, review the legal pack, and ensure it fits their strategy. Financing can be obtained through specialist lenders including bridging finance and angel investors. Selling at auction can be a quick and efficient way to transact, but it's important to set realistic reserves and have a good relationship with the auctioneer. Rick shares his experience of selling two HMO properties at auction and achieving a good result. Overall, auctions offer speed and certainty, but buyers and sellers must be diligent and well-prepared.Key Takeaways*Do thorough due diligence before buying a property at auction*Always view the property before making a purchase*Understand the different types of auctions and their terms*Be cautious of impulse buys and emotional bidding*Take the time to understand the paperwork and legalities involved Auctions can be a good option for buying and selling properties, but due diligence is crucial.*Buyers should view the property, review the legal pack, and ensure it fits their strategy before bidding.*Financing for auction purchases can be obtained through specialist lenders like bridging.*Selling at auction can be a quick and efficient way to transact, but it's important to set realistic reserves and have a good relationship with the auctioneer.*Rick shares his experience of selling two HMO properties at auction and achieving a good result.*Overall, auctions offer speed and certainty, but buyers and sellers must be diligent and well-prepared.Best Moments03:04 Understanding the Modern Method of Auction06:24 Pitfalls and Perils of Auctions08:09 The Importance of Due Diligence19:09 Approaching Auctions Professionally24:21 Understanding Legal Packs28:39 Financing Options for Auction Purchases36:38 Rick's Experience of Selling HMO Properties at Auction40:19 Benefits and Risks of Buying and Selling at AuctionFollow and SubscribeStay updated with This Property Life Podcast by subscribing on your favourite podcast platform. Follow us on social media for the latest episodes, behind-the-scenes content, and more tips on making the most out of your property investments. Your journey to successful property investing starts with engaging in meaningful conversations and building a robust network.Instagram: @thispropertylife_podcastFacebook: This Property Life PodcastContact InformationFor any inquiries or collaborations, feel free to reach out through our website's contact form at thispropertylife.co.uk/contact. We are always excited to connect with our listeners, answer your questions, and help you succeed in your property investment journey.Thank you for tuning into this week's episode of This Property Life Podcast. Remember, success in property investment is just a conversation away! Keep talking, keep networking, and keep investing.Stay tuned for our next episode where we bring you more insightful discussions and expert advice on property investing. Until then, happy investing! Hosted on Acast. See acast.com/privacy for more information.

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