eBay is this sprawling metropolis of ‘paraphernalia’ for sale, new and old, from UK to China everything is available and I mean everything! As I looked through pages and pages of case covers in a kaleidoscope of colour, I began to lose the will to live and started to wonder into searches for other random items, especially in the ‘Other’ category from the drop down and I can assure you all it’s a dark world out there.

Now the bidding on an item can take two routes:
Option 1: the ‘Buy Now’ button similar to the open market valuation nice and easy, at your own pace but slightly over the value.

Option 2: the frantically watch the price as the seconds tick down and continuing to bid to hopefully get the treasured item for 30% off the perceived value and feel on top of the world.

These two experiences have equal amount of satisfaction depending on the item you’ve just ‘won’; now ‘won’ is an interesting turn of phrase in this situation.  This would suggest you have obtained something for free but the fact that you have ‘bought’ the item at a higher price than someone else suggests you’ve not won anything but more got something someone else didn’t think it was worth, either way it still costs you the money.

These emotions are very similar to the ‘won’ something mentality in the hustle and bustle of the property auction room.  To purchase a property at auction with a sizeable discount can leave you with a ‘won’ feeling but also a “why didn’t they bid more?” feeling too.  To obtain a property at a price where you could use it as a source of profitable income for the future is the key to building a sustainable property portfolio.

The property auction marketplace is certainly on the up, some recent statistics are showing both residential and commercial property instructions, sales and percentage of lots sold are rising quarter on quarter from last year.  The total number of auction sales in June 2013 increased to 2,081 which rose over £238m, the set of figures is the highest sales point since the market peak of June 2007 when 2,328 lots raised £381m.  The commercial marketplace is also showing signs of increase at auction with the percentage of properties sold rising by 12.4% with the monies sold rising by 33.1% from a June to June comparison.  These are good signs for the economy as the auction room is where an increasing property market begins, as supply and demand goes from the auction room on to the ‘buy now’ marketplace through the usual purchase routes of estate agents.

Organising finance for an auction room purchase can be time sensitive to say the least and the sheer speed at which you need to exchange and complete can be one which your clients can fall foul.  The lender to which you approach will need to be able to understand the transaction timescale, property marketplace, the client and all the legal aspects of the application before completion. And with typically only 28 days carry out these requirements, you need a lender which can offer the speed, flexibility and service to complete such a transaction. 

At Lancashire Mortgage Corporation we have supported auction purchases for nearly 40 years, with both long and short term products available including a specific auction purchase which can ‘pre-approve’ your clients funds before the auction, can allow your client to  bid with the confidence that the monies and after purchase fund arrangement has already begun.  Client confidence in property purchases is of absolute paramount to ensure your client continues to grow their portfolio with you.
Anyway, I need to dash as I have half a bottle of water from Coventry finishing in 9 minutes and I’ve got to re-list a broken telescope which has been in my garage for 5 years, wish me luck!

This is the item if you are interested Half "Full" Bottle Of Water