We were eyeing two properties to buy at auction, but encountered some legal issues. Have you bought a property at auction before? What due diligence do you do before buying? Let us know!
@ayeshabrown7294
2 жыл бұрын
If being completely honest. That’s how titles of council housing should be! Council/social housing should be designed/created in a way to allow for accessibility for those who live and work in the area to own their own residential home. Not for investors to make profit and in turn drive up rent/house prices. If more ex council properties had titles designed in this way, more first time buyers would be able to own a home in the areas where they live and work, instead of Grenfell style cladded shared ownership rip offs.
@blackfish86
2 жыл бұрын
Agreed! Why couldn't the housing association not sell to another housing association or back to the local council? Instead they are placing it on the market at auction to waste peoples time?!
@alextheodorou2489
5 ай бұрын
Hi Elsie and Markus, Great video! Is it possible to upload the excel sheet for how you plan your exit strategy as discussed in this video?
@ShoppingwithRina
3 жыл бұрын
Oh that’s so good to know this can be happening
@lidkmoncayo7090
3 жыл бұрын
Amazing, thank you so much.
@Amibalani
Жыл бұрын
Completing it within 28 days is very difficult unless it’s cash.
@crimsonbride
2 жыл бұрын
Very useful thanks !
@elizabethboyd2575
4 жыл бұрын
Hi Elsie and Markus, I am loving your channel! Is it true that if you are not a cash buyer you need to have a mortgage in principle ready from the bank in order to bid?
@ElsieandMarkus
3 жыл бұрын
When buying at auction, you want to make sure you have finances lined up and can complete within the timeframe.
@jazzsingh2451
2 жыл бұрын
@elizabeth Boyd - hi did you manage to secure a mortgage on your auction property?
@zeea6507
3 жыл бұрын
Thats a big catch. Lucky you did not fall for this huge trap.
@eco2hk774
3 жыл бұрын
You guys are really smart. The devil is in the detail!
@BellaDiary
2 жыл бұрын
Hellooooo! Hope you're doing so so well. Quick question - you said there was a problem with the title? Is this something you managed to look at before going to auction? How did you find the title of the property? Is this something you would recommend looking at before you go to auction? x
@ElsieandMarkus
2 жыл бұрын
These are information provided in the legal pack when at auction and you can ask for a solicitor to look through it for you.
@da11acs
3 жыл бұрын
How do you manage paying solicitors fee for each auction pack especially if you get outbid at the auction. Imagine paying for each property and you keep getting outbid. Is it a waste of tens of thousands of pounds ?
@ElsieandMarkus
3 жыл бұрын
That's sometime you can negotiate with your solicitor, build a long-term relationship there.
@forhadahmed538
2 жыл бұрын
What's the cost of getting a solicitor do review an auction property/legal pack?
@ElsieandMarkus
2 жыл бұрын
Shouldn’t be more than a few hundred GBP.
@flavourboss4733
Жыл бұрын
Can you point us in a right direction of a good Solistor and what good auction is around?
@ElsieandMarkus
Жыл бұрын
Unfortunately we don't give recommendations on this channel. There's no good or bad auction per se, it's all down to finding the right deals.
@driveling7763
2 жыл бұрын
Hi, it’s amazing to meet your channel and watch the video! I am on the route to learn on house auction :) Just a brain storming on the title issue. It’s likely that the property would be held by the company. Would the restriction be applicable during the transfer of company shares? ;)
@ElsieandMarkus
2 жыл бұрын
This is best discussed with your solicitor and accountant as they are well qualified to answer your question. :)
@jmoneyco2228
3 жыл бұрын
I love you guys x
@HJ-br3lt
3 жыл бұрын
Hi Elsie and Markus - How do the legal fees work pre auction? Do solicitors charge by the hour when examining the legal documents/liaising with the sellers solicitors?
@ElsieandMarkus
3 жыл бұрын
Yes some solicitors do charge for pre auction work
@Ivylaismusic
2 жыл бұрын
Can you please share the name of the auction company? Great video, very informative 👏🏾👏🏾
@deesamuel428
2 жыл бұрын
It's frieghtening. Is it safer to buy property with EPC C for the coming regulation in 2025?
@ElsieandMarkus
2 жыл бұрын
It shouldn't matter what EPC you buy at, as you can always do works to improve the EPC.
@watsoncharles3113
4 жыл бұрын
Interesting
@ElsieandMarkus
4 жыл бұрын
Have you bought at auction before?
@UnderdogInvesting
3 жыл бұрын
Hey thanks for the video! Can I ask, if a property was bought for 10% discount as social housing, when the owner decides to sell this property on, do they have to sell at 10% discount aswell? Or can they just sell at market value? Thanks again! :)
@ElsieandMarkus
3 жыл бұрын
A property is only worth what a buyer is willing to pay. :)
@UnderdogInvesting
3 жыл бұрын
@@ElsieandMarkus Ok thanks! I was asking as I came across a scenario where the owners purchased the property at 10% BMV, and I thought it was their responsibility again to sell at 10% BMV.. But I see what you mean by the fact that properties are worth what people are willing to pay...
@ziyoungkang9172
3 жыл бұрын
Thanks for video. Might I ask what a clean title means?
@ElsieandMarkus
3 жыл бұрын
Not having any restrictive covenants on there that are non standard.
@norbertcsibi7720
2 жыл бұрын
Hi guys, a newbie here, excuse my stupid question. I'm a first time buyer and got my decision in principle in hand and I wanted to know whether or not I could attend and buy such houses with a mortgage?
@ElsieandMarkus
2 жыл бұрын
Hi Norbert, in principle yes, but we would not buy with a mortgage at auction. Very unlikely to complete within the given timeframes. Cash or bridging gives more certainty of speed.
@norbertcsibi7720
2 жыл бұрын
@@ElsieandMarkus Thanks for the answer. Did you do any bridging? I`m interested in finding out if the process is hard or straightforward process :)
@ElsieandMarkus
2 жыл бұрын
@@norbertcsibi7720 we often use bridging to purchase deals. The process can be lengthy, but very worth it in the end.
@AAA19999
2 жыл бұрын
This share of profits doesn't sound good but renting to the social and housing association sector is actually unfairly demonised - you generally get guaranteed rent and rent is at market rate in my experience
@ElsieandMarkus
2 жыл бұрын
We don't demonise renting to the social housing sector, it's just that on this deal the numbers simply didn't work for us. We have social housing tenants in other properties in other areas too. :)
@humanityfirst8051
3 жыл бұрын
Can you help to buy a property on auction in Oxford
@samislam3358
2 жыл бұрын
Guys I have a question about getting auction properties surveyed. Is it always possible to do this beforehand, how to keep costs down. Seems like costs can quickly add up if you getting properties surveyed
@ElsieandMarkus
2 жыл бұрын
We see it as a cost of doing business. How else would you get a professional opinion of the state of the property and potential solutions for issues that get flagged up?
@samislam3358
2 жыл бұрын
@@ElsieandMarkus thanks for the response guys. I'm not opposed to getting them surveyed more so any tips n tricks to possibly getting a deal with surveyors etc. Thanks again very helpful
@sumanabegum9948
2 жыл бұрын
Hi, do you know if I can buy a auction house via mortgage also giving 10% down payment? Thanks ☺️
@ElsieandMarkus
2 жыл бұрын
Best to speak with a broker about timelines, quite unlikely..
@Ineedahandle75
3 жыл бұрын
Property auctions are discriminatory. They discriminate against people who do not want to buy at auction, but prefer to do it the traditional way, but more and more properties sell at auction these days.
@ElsieandMarkus
3 жыл бұрын
Well, you can choose not to buy at auctions, still plenty of options out there. :)
@MandeepKaur-vr1kr
3 жыл бұрын
Hi I wanted to look auction property in Dunstable County is Bedfordshire I don’t know how I can do I am home owner, we bought our first home but want to rent this house and want to buy auction property so I can make the way we want Please help
@ElsieandMarkus
3 жыл бұрын
Hi there, you can always book a call here: calendly.com/em-investments/30min if you'd like to have a 1-on-1 session.
@MandeepKaur-vr1kr
3 жыл бұрын
@@ElsieandMarkus thank you Do I need to pay for this cal or free of charge
@ElsieandMarkus
3 жыл бұрын
@@MandeepKaur-vr1kr free, mate.
@samsami1155
Жыл бұрын
Urgent: please Please any one can give me a good convinacy solicitor who can deal with purchase a property from auction. I bought a property 1 week ago and solicitor he just called me he is personal issue outside ul and have to leave and no longer deal with my case i am stuck now and need to finilise the purchase in 4 weeks now or loose my 10% deposit and extra fees. Need to finilise purchase before 15 jan 23
@mash6178
Жыл бұрын
hi, sorry to hear this. did you get sorted?
@samsami1155
Жыл бұрын
@@mash6178 yes. Is done.
@hishamrashid6357
2 жыл бұрын
The guys looks like Stipe Miocic ( UFC Champion ) . No relevance .
@enderguardian1540
3 ай бұрын
So if a person buys it to live there the council can’t ask for money as no money was made. I love that you guys couldn’t buy them. You’re greedy and gross.
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