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How do I buy a house at a property auction, and are auctions a good idea? |
Most of us would have a little trepidation buying a piece of furniture at auction, let alone a house. However, television shows such as Homes Under The Hammer have highlighted just how easy it is to pick up a bargain.
Whether you're looking for house to do up and sell, or you're looking for a great deal on a new family home, property auctions are a fantastic alternative to the normal property market. The process of buying a house is considerably faster and there are no estate agents to deal with.
However, before you rush out to find your nearest property auction, it's worth bearing in mind that the auction house isn't always the best place to find a house. Most of the properties for sale will require significant work to bring them up to standard, and you will need to have your finances in order before bidding.
Property auctions are a serious business. All bids are legally binding, and you should always think carefully before raising your hand to make a bid. It's incredibly easy to be carried away in the excitement of the bidding process, and find yourself lumbered with a property you cannot afford.
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