BRRRRS Method

Auction Property Due Diligence Surveys

Often, the Advice given to Investors buying Auction Properties is to carry out Auction Property Due Diligence Surveys on all Properties of interest but for reasons covered in this Blog I disagree and, Do Not Survey my Auction Properties.

Nobody in the Buyer Chain insists on an Auction Property Due Diligence Survey. as the Investor is the only party concerned with the Condition and Value of the Property, except for the Lender who will instruct their own Surveyor if they deem it necessary, given that today, it is common for Lenders rely on Desktop Valuations on which to base their Lending Decisions.

Auction Property Due Diligence Surveys. There are problems with Auction Property Due Diligence Surveys that do not apply to Estate Agent Sale Surveys.

Auction Property Due Diligence Surveys are carried-out before making any Bid or Offer, whereas Estate Agent Sale Surveys are carried-out after acceptance of an Offer, Subject to Contract.

Timing. If an Investor is going to consider making a Pre-Auction Bid or, the Investor’s Pre-Auction Bid needs to be made within 48 hours of the Catalogue Release, at which point all the Initial Due Diligence, including a Survey can have been completed.

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