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auction

natasha91 · 2014-06-24 14:40:50

hello is anyone familiar with auctions? and also is it a good idea to visit one and bid on a property with no reserve?

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24-06-2014 3:40pm

#1

natasha91

Registered Users Posts: 5 ✭

Join Date: October 2013

Posts: 2

hello is anyone familiar with auctions?
and also is it a good idea to visit one and bid on a property with no reserve?

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#2 24-06-2014 4:21pm
Tigger

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Posts: 16354

auctions are for two type of buyers: those that are able to see value and opportunity and those that think they are.
i can't tell which you are but there are a load of potential issues.

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#3 25-06-2014 1:48pm
Victor

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Have a look here: http://www.scsi.ie/news_reports/Downloadreport/auctguide

Note that at auction, you are buying the property. Auction properties tend to be special and not for everyone - they might be very good, but they might also have very serious problems. If you try to back out, the auctioneer can sign the contract on your behalf. The vendor can then sue you, either for the full amount or the difference between your bid and the eventual sale price.

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