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Auction process


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Hi all,

I'm trying to get a better understanding of the process of buying development properties by auction. Could someone comment about the below please?

  1. Find a property that I wish to buy. Get the legal pack, send it to my solicitor to look through.
  2. Get bridging finance sorted.
  3. Get a homebuyer's survey to figure out what development will be required.
  4. Bid (& hopefully win!), when the gavel falls, pay 10% deposit, auctioneer's fees.
  5. On auction day, inform the bridging finance broker and solicitor & get them started with everything that's required.
  6. ***Then what?***
  7. Complete, get the keys & begin the development work.

Would like to know, cheers everyone!

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