BMV Auction Acquisitions
Another excellent strategy, buying a BMV property at auction and refurbishing it can be an interesting and challenging way of increasing your wealth â€“ provided you know what youâ€™re doing when it comes to buying that property in the first place. For instance, youâ€™ll have to fill out a mortgage application prior to buying at auction and, if you win, pay in full within 28 days. Because of this, only skilled investors should go down this route and thatâ€™s why here at Midas Property Group we have experienced auction partners we work with.
This is a strategy which also very much depends on your own DIY skills and time commitment â€“ the better both are, the more money you stand to make. Itâ€™s possible to pick up a property at auction up to 30 per cent BMV (usually because the majority of them are repossessions and lending institutions want a quick sale).
This is a very quick means of buying a property and which, on the whole, will be ex-local authority, housing association or a crumbled old Victorian villa.