Most property hunters don’t consider buying a property at auction.
But property auctions are not just for the gung ho geezers you see on Homes Under the Hammer. There are genuine bargains to be had.
That said, there are also pitfalls. In most cases the sale is final on the drop of the gavel. If you later find out the house you thought was perfect is riddled with rot it’s on you to sort out.
Buying at a property auction isn’t as straightforward as going through an estate agent. Prices tend to be listed as either opening bids or guide prices.
There is no guarantee the property won’t sell for more – it goes to the highest bidder. Be wary of fees as well. Most auction property websites charge around three or four per cent of the sale price as their fee.
Be mindful of all this, do your homework on the property you want, and you can still come away with a bargain though.
Here are five auction properties in Dundee, Fife, Angus and Perthshire.
Anstruther
It’s very rare for auction properties in the East Neuk to come on sale. The beautiful stretch of coastline is one of Fife’s biggest property hotspots and homes there tend to sell very quickly.
This large flat is located just a quarter of a mile from Anstruther’s famous harbour and beach.
It has sitting tenants in place who are currently paying £500pcm.
Brechin
This terraced house is located on a quiet street near Inch Park in Brechin. The River South Esk is a short distance away and the town centre is also close by.
Although it requires refurbishment, the mid-terraced home offers an opportunity to add value.
On the ground floor is a lounge with stairs leading to the upper level, a kitchen and bathroom. On the first floor are two double bedrooms.
The house is on an elevated site with far reaching views. A large terraced garden offers plenty of outdoor space and there’s also a single garage.
4 Andover Hill Lower, Brechin is on sale with Auction House Scotland for a guide price of £59,500.
Perth
This auction property in Perth has tremendous potential but isn’t for the faint hearted.
Requiring full renovation it’s probably best suited for seasoned developers. There are seven bedrooms spread over two storeys. Planning permission is in place to convert the unit into two flats each with two bedrooms.
There is a great opportunity to add value though. The flat is located right on the banks of the River Tay and has wonderful views across the water to Perth City Centre.
6D Bridgend, Perth is on sale with Future Property Auctions for a guide price of £115,000.
Dundee
This three bedroom flat on Sibbald Street occupies a nice location in Dundee. On a quiet cul-de-sac off Dens Road, it’s close to Stobswell’s amenities and a short bus ride from the city centre.
It requires some refurbishment but comes with double glazing and gas central heating. There is a living room, dining kitchen, three double bedrooms and a bathroom.
3/0, 4 Sibbald Street, Dundee is on sale with Prime Property Auctions for a guide price of £70,000.
Dunfermline
This traditional terraced house is on a quiet street near the centre of Dunfermline.
The town’s public park is on the doorstep and Carnegie Hall is just a short stroll away. The house has been partially refurbished, with new plasterboard and flooring, and requires finishing to turn it into a fantastic family home.
There is a living room, kitchen and utility on the ground floor, with two bedrooms and a bathroom upstairs. The large rear garden gets the sun all day.
