Are there fewer costs in buying through auction or purchasing through an agent?
In every case the costs tend to be similar, there’ll be legal costs and surveyors fees to pay as well as any fees to pay to arrange finance. When buying at auction you sometimes will need to pay an administration fee to the auctioneers. The type of properties sold at auction are repossessed properties which have been foreclosed by the bank or mortgage company. As a result the properties could be unmodernised or wanting work. These properties are commonly different to houses sold at normal estate agents as they may not be instantly prepared to move into. The risks of purchasing at auction are like those of purchasing through estate agents. The most important thing to remember is that once the sale is over the deal should be followed through and you are not ready to return to the vendor afterwards should any problem arise. There are no guarantees on the purchase and you must purchase it as it is. How do I find a bargain at auction? You should search auction sites on the web and contact a
