Three terraced homes in the north east of England are to go on sale next month with incredibly low guide prices of just £1 each.
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A trio of mid-terraced, two-bedroomed properties in Middlesbrough, North Yorkshire, are to hit the market as part of a 'quick sale' auction sell off on 6 July at Villa Park FC in Birmingham.
The bidding war will be run by SDL Auctions Bigwood - a firm that heads up auctions across the country, including in Nottingham, Leicester and Stoke, but says this is its biggest Birmingham sale to date.
Would you live here for £1?
The properties are in desperate need of some TLC
A final property at 17 Bristow Street in North Ormsby will also be up for grabs - although budding bidders should be aware that all properties are in need of significant renovation works and pre-auction viewings are not part of the deal.
The homes go on sale at 10:30am on 6 July at Villa Park, Birmingham
Gurpreet Bassi, SDL Auctions' partner and head of auctions, said: "These three properties offer excellent investment opportunities in the rental market and will potentially bring in attractive revenues once they have been refurbished.
Other competitively priced homes at the Birmingham auction include a two-bedroomed flat in Stockton on Tees, with a guide price in excess of £15,000.
A three-bedroomed, mid-terraced house at 28 Albany Road in Stockton on Tees , with a current rental income of £5,196 a year, is also up for sale with a guide price of £40,000.
Hot property? This £20,000 Hartlepool home is just minutes from the seafront
For those after a room with a view, a three-bedroomed, semi-detached house in Hartlepool is also on the market. The property description states it's just a short distance away from the seafront, with a guide price of £20,000.
Other properties up for grabs on the day will be 151 former police stations, pubs and post offices - many of which could be converted into homes - though this is subject to local planning permission.
Ian Tudor, head of commercial auctions at SDL Auctions, said: "We have a wide range of lots including two former police stations, a former post office and a Methodist church on offer."
Similarly, a former two storey public house, The Brook Meadow in Birmingham has a guide price of £175,000 is also up for grabs - SDL Auctions said this property could be used for "a variety of redevelopment purposes".
What is a 'guide price'?
The guide price is the price the auction house expects the property to sell for, but properties often fetch much more.
Lots will usually have a reserve price and only the auction house knows what it is.
If the bidding doesn't reach the reserve, it may be possible to do a deal with the seller, via the auction house, on the day.
You can check online after the auction to see which properties didn't sell - it usually says the price they're available for.
You may also be able to buy a property before the auction, but many sellers will refuse because they know prices can leap up in the heat of the moment.
You'll need to pay 10% upfront on the day
Before the auction, check what ID you need to register to bid and what methods of payment are accepted for the deposit.
If you're in it to win it, be aware the successful bidder will have to exchange contracts and pay a deposit (usually 10% of the purchase price) and a fee to the auction house immediately.
The completion date is often four weeks from the date of the auction, but it can vary. If you fail to complete on that date, you could lose your deposit and even be sued by the seller.
For this reason, paying cash is a much safer way to buy property at auction than with a mortgage.
For more advice on the risks associated with buying on auction, see our complete guide here.