Auction

• There’s no doubt that an auction is the fastest sales process around. It’s quick and efficient and that’s what makes it attractive
• You might find a great deal; whether it's an undervalued home with planning permission or a big renovation project, you could find a bargain at a property auction.
• Set your own price and establish a value-creating honesty of the transaction
• You are in control at an auction. You decide when to bid and how much to bid – how high or low you want to go
• There is the certainty of knowing what you’re getting
• The vendor offers a guide price or reserve price
• The bidding is upwards only
• As soon as the hammer falls the contract is binding and contracts are signed at the sale
• It can be the best option if the vendor needs to sell by a certain date
• You can move quickly: the entire home-buying process should be completed within a set number of days (often 28) after the auction.
• Property auctions can be a more reliable way to buy

Few points to be mindful about.

• You could be outbid: if someone bids higher than you, you'll have lost time and money viewing the property and having a survey conducted.
• You need to have the money ready: if you win the auction, you'll have to pay a deposit on the day, and will only have a set number of days after that to pay the total purchase price to the seller.
• Auctions can be hit and miss: some offer can be a little more than commercial properties and complete wrecks that could be long-term money pits.

House, Flats, Investment