Auctions.... prime opportunities, but be vigilant!
I've been on a mission this year to squeeze myself to release some equity and leverage borrowing options to acquire auction properties, and recently bought my 3rd of the year, giving a few basic learns from both my own experience and learning from others: - Always read the legal pack and get a second opinion/ quick solicitor check to read over it, as there may be hidden snags that don't always seem apparent at first glance. - Have your funding secured in principle plus a contingency option before bidding; some mortgage brokers and bridging finance options are much more reliable/ better value/ easier to work with than others, so have some confidence in what you can borrow first, plus a tight deadline and back up option in case it goes wrong. Don't rely on a single contact or source even if they're known to you. - Buy, refurbish, refinance, rent: Clearly auctions are prime opportunities to start the ball rolling and get on this ladder as you can undoubtedly buy below market value, but be realistic about your valuations which determine how much you can remortgage/ release. An estate agent valuation based on open market predictions/ confidence is very different to a RICS surveyor sent from the lender, so do your sums accordingly. Happy hunting people :)