The Property by Kazy Podcast EP 45 | The Auction Expert: Do This Before Buying Any Property At Auction! - Omer Mehmet
23 snips
Jun 1, 2024 Omer Mehmet, a seasoned mortgage broker and property developer specializing in auction purchases, shares invaluable insights into navigating the complexities of property auctions. He discusses the challenges of the evolving mortgage market and the importance of specialized brokers. Omer also dives into bridging finance, risk management, and strategies for successfully acquiring distressed properties. Additionally, he explores the impact of AI on property auctions, offering tips for informed bidders and highlighting emerging property investment opportunities amid economic changes.
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Auction Preparation
- Get a survey and have a solicitor review the legal pack before buying at auction.
- Secure financing beforehand and have backup plans, as auction purchases are binding.
Auction Underbelly
- Many auction properties are sold by traders who inflate demand and prices.
- Be wary of properties guided below market value with high viewer interest.
Identifying Trader Properties
- Scrutinize legal packs for red flags like redacted seller names, high fees, and low lot numbers.
- Favor auction houses known for avoiding trader involvement.