P544 Teletext 546 Oct30 21:00:03    ————————— ———————  ———————————— GOING, GOING, GONE Property auctions came into their own in the last housing market slump. Lenders with repossessed properties and homebuyers who could not sell through estate agents found selling at auction a good alternative. Unusual homes which make for problem pricing are often found for sale at auctions. As the economy picked up in the '90s, lots selling for above estimates have become a regular event. ——————————————————————————————————1/9—— by Lorne Spicer LOANS/MORTGAGES, SEE PAGE 618 Mortgages Savings Borrowing City
P544 Teletext 540 Oct30 21:00:00    ————————— ———————  ———————————— GOING, GOING, GONE Homebuyers searching for a bargain have been increasingly drawn to property auctions. Auctioneers have done their part to encourage private buyers, making the sales less intimidating and more welcoming. However, homebuyers must accept that buying at auction is a completely different process to purchasing a home through the traditional estate agent. ——————————————————————————————————2/9—— Mortgages 545 Savings 546 BUSINESS BRIEFING ON OUR WEB SITE GO TO: www.teletext.co.uk Mortgages Savings Borrowing City
P544 Teletext 546 Oct30 21:00:13    ————————— ———————  ———————————— GOING, GOING, GONE Success at property auctions means not only buying the property you want, but also not paying more than your limit: It is easy to get carried away and to bid more than you can afford. It can be wise to send a solicitor to bid on your behalf and up to your limit. Once the hammer falls contracts must be exchanged and a 10% deposit paid before the end of the day. Funds must be available to cover this. ——————————————————————————————————3/9—— Borrowing 547 Money news 541 NOW IT'S EVEN EASIER TO FIND LOVE: TELETEXT DATING ITV p390 Mortgages Savings Borrowing City
P544 Teletext 540 Oct30 21:02:10 Advert PROPERTY PLUS >>                    Looking for the right mortgage or re-mortgage ? You'll need to buy a copy of What Mortgage magazine, the U.K's best selling mortgage magazine. Available from W.H.Smith, Menzies and leading newsagents every m4/9h.      Mortgages Savings Borrowing City
P544 Teletext 546 Oct30 21:02:10    ————————— ———————  ———————————— GOING, GOING, GONE Buyers of property at auction must pay a 10% deposit on the day and then have 28 days to settle in full. So remember: When the hammer falls the contract is binding. You are committed to buying Surveys and reports on the home must be done before bidding — any problems found after the hammer falls are your responsibility and cannot be used as an excuse to withdraw from a deal. ——————————————————————————————————5/9—— Tourist rates 548 Premium Bonds 548 POPULAR SHARE CHECK p519 Mortgages Savings Borrowing City
P544 Teletext 546 Oct30 21:02:10    ————————— ———————  ———————————— GOING, GOING, GONE Anyone thinking of buying a home at auction must be prepared. Advice from auctioneers includes: Go to auctions to find out how they work before trying to bid yourself Old catalogues can give an idea of the prices paid for types of home When you find a property you like, view it and get all surveys done well ahead of the auction. ——————————————————————————————————6/9—— Money news 541 Your money 542 LOANS/MORTGAGES, SEE PAGE 618 Mortgages Savings Borrowing City
P544 Teletext 546 Oct30 21:02:04    ————————— ———————  ———————————— GOING, GOING, GONE Properties at auction l—x seem tempting but the experts warn you never to buy a property you have not seen or have not had surveyed. In some cases initial surveys l—x have already been undertaken, which for a nominal fee of £10-£15, your solicitor can have access to. This will give some indication of the state of repair and the expected market price the property could achieve. ——————————————————————————————————7/9—— Mortgages 545 Savings 546 S HTCH TO p628 AND YOU COULD SAVE ON YOUR MORTGAGE Mortgages Savings Borrowing City
P544 Teletext 546 Oct30 21:04:03    ————————— ———————  ———————————— GOING, GOING, GONE Some properties are sold before auction whilst others find buyers post auction. Remember this is not a traditional homebuying market, so: If the property is acceptable try buying it pre-auction If it seems to sell for more than your limit, ask to be kept informed of the sale progress. If there's a problem you l—| still get a chance to buy. ——————————————————————————————————8/9—— Borrowing 547 Money news 541 CITY NEWS p500 Mortgages Savings Borrowing City
P544 Teletext 540 Oct30 21:00:01    ————————— ———————  ———————————— GOING, GOING, GONE Buying at auction is not a cheap alternative to traditional homebuying and requires considerable work on the part of the buyer. Auctioneers include: Allsop: 0171 494 3686 Fox & Son: 01273 321300 Hambro Countrywide: 01245 344133 General Accident: 01705 820702. ——————————————————————————————————9/9—— Tourist rates 548 Premium Bonds 549 finance@teletext.co.uk Mortgages Savings Borrowing City