The Role of Property Surveyors in Property Auctions Property auctions can be an exciting opportunity for
buyers looking for unique properties or potentially lucrative investments.
However, purchasing a property at auction comes with a certain level of risk,
as decisions often need to be made quickly and without the usual time for
thorough evaluations. This is where the expertise of a property surveyor
becomes invaluable.
At T J
Goodwin & Associates , this month’s blog looks at the role of
property surveyors in property auctions. For information, call us in Norfolk on
01263 587 047 .
Understanding the Auction Process Property auctions are fast-paced events. Once the hammer
falls, the buyer is legally committed to the purchase. This means that any
issues with the property become the buyer’s responsibility.
Unlike a traditional sale, where there is often time for
negotiations, inspections, and survey reports, auction properties require a
more proactive approach before the bidding begins.
Why Is a Survey Important Before an Auction? When a property goes up for auction, it may be for several
reasons. These properties can range from standard homes to commercial units,
and even derelict buildings.
The condition of these properties can vary greatly, which is
why commissioning a survey before the auction is essential. Property surveyors
offer the expertise needed to assess a property’s true condition, helping
potential buyers avoid nasty surprises.
What Happens if You Don’t Instruct a Survey? While it may be tempting to skip a survey to save time or
money, doing so can lead to significant problems. Buyers who enter an auction
without a clear understanding of the property’s condition may find themselves
facing unexpected repair bills or legal disputes.
In some cases, the costs of rectifying hidden defects can
far exceed the amount saved by not commissioning a survey. Without a survey,
you may also run the risk of overpaying for a property that requires extensive
renovation or repair.
Commissioning a Survey Before Auction If you’re planning to bid at an auction, it’s important to
act quickly. Most auction houses will provide an opportunity to view the
property before the auction date. During this time, you can instruct a property
surveyor to inspect the building and produce a report.
It’s essential to give your surveyor as much notice as
possible to ensure they can complete the inspection and provide their findings
before the auction day.
Contact T J Goodwin & Associates
For more information about our available services, contact T
J Goodwin & Associates. Call us in Norfolk on 01263
587 047 or 07768 733 150 .
Alternatively, you can make an enquiry via our contact form .
