Auction Properties
Secured phishing fraud come with the yellow padlock
One of the many recommendations of the banks is to be wary of banking sites without the “yellow padlock” at the bottom right corner, which indicates a secure connection.
Unfortunately, as with Fine co, the yellow padlock may not appear as only a piece of data travels over the encryption protocol.
So at first glance may seem devoid of protection.
A new technique, called “secured phishing” threatens to make the board completely useless to rely on the presence of the yellow lock. What is? The phishing site is loaded with https protocol, while the padlock “secure site” makes its magical appearance in the bottom right thanks to a self-signed certificate.
To be sure of being on the official website, should be controlled who owns a certificate, but of course very few people do, so the only advice being to check if there is a secured connection might not be enough!
Buying Auction Properties Shouldn’t Be An Emotional Decision
Property auctions price guides are just that “guides” they are not meant to be the price you will probably pay for the property but more accurately reflect the price that the auction will start at. The usually hidden reserve price is the minimum that the owner will take for the property. The job of the auction house seller is to pull you in with the possibility of making a purchase at or near the low guide price while whipping the buying crowd up and past the reference price as far as he or she thinks they can go.
Along the way they might slightly embellish the sale by tempting you with visions of what could be done with the property to increase its value once it is yours to fix, decorate and resell. Or mention what the possible rents would add up to over a given period and how long it would “pay for itself” if rented at such a rate.
These are not lies or wrong in any way, they are the tools of the auctioneer whose job it is to fire up your imagination as to what could be if you bought this property from them. They won’t warn you about the tenant who doesn’t pay the rent or the routine repairs that will come up no matter how good your pre-sale inspection was. They will point at only the other house in the area that have sold for thousands of pounds more than what you could pay for the one they are currently auctioning.
They won’t show you the post ads with similar houses on the market for months on end with no takers. If they did you might see the house you’re biding on in there under the heading “motivated seller”. Auction property investing can be a positive money maker, you have to look past the hoopla and see the real value to make an informed bid that will allow your money making potential to come through.