The 10 Do's And Don't's Of Buying Property At Auction

This week, Simon talks all about property auctions, and gives you his ten personal do's and don't's that'll help you to get the properties you want at far lower prices, and help you to avoid making the cardinal errors that so many people make at auction. KEY TAKEAWAYS The number one reason for selling a property at auction is to get it sold quickly! Buyers exchange contracts on the very day they bid, so the whole process is extremely streamlined. A low guide price isn't the purchase price. Bear in mind that these low guide prices are different to the reserve prices, so don't assume the lower price will be the one you'll pay. Try not to get too emotionally attached to the bidding. Sometimes you can end up paying far more than you wanted to in the first place. Make sure you do your research and your due diligence before making nay bids. How much is it worth now, and how much will it cost you to get it up to scratch? All these factors should give you a figure - make sure you don't pay over this figure. BEST MOMENTS 'If you're the successful bidder, then the day you bid, you exchange contracts' 'Investors buy because they think they can get a deal' 'If it was such a good property then they should have bought it before the auction' 'What's the maximum price you can afford to pay?'  VALUABLE RESOURCES Property Magic: How to Buy Property Using Other People's Time, Money and Experience by Simon Zutshi To find your local pin meeting visit: www.PinMeeting.co.uk and use voucher code PODCAST to attend you first meeting as Simon's guest (instead of paying the normal £20). iphone:  http://bit.ly/pinAPP1 Android https://bit.ly/pinAPP2 Register at Mindset For Property at - www.mindsetforproperty.co.uk  ABOUT THE HOST Simon Zutshi, experienced investor, successful entrepreneur and best-selling author, is widely recognised as one of the top wealth creation strategists in the UK. Having started to invest in property in 1995 and went on to become financially independent by the age of 32. Passionate about sharing his experience, Simon founded the property investor’s network (pin) in 2003 www.pinmeeting.co.uk.    pin has since grown to become the largest property networking organisation in the UK, with monthly meetings in 50 cities, designed specifically to provide a supportive, educational and inspirational environment for people like you to network with and learn from other successful investors. Since 2003, Simon has taught thousands of entrepreneurs and business owners how to successfully invest in a tax-efficient way.  How to create additional streams of income, give them more time to do the things they want to do and build their long-term wealth. Simon’s book “Property Magic” which is now in its sixth edition, became an instant hit when first released in 2008 and remains an Amazon No 1 best-selling property book. Simon launched his latest business, www.CrowdProperty.com, in 2014, which is an FCA Regulated peer to peer lending platform to facilitate loans between private individuals and property professionals. CONTACT METHOD Contact and follow Simon here: Facebook: http://www.facebook.com/OfficialSimonZutshi  LinkedIn: https://www.linkedin.com/in/simonzutshi/ YouTube: https://www.youtube.com/SimonZutshiOfficial Twitter: https://twitter.com/simonzutshi Instagram: https://www.instagram.com/simonzutshi/