How to buy a property at auction

Published ¤ 16/06/2009

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The slow housing market and an increase in repossessions have led to more buyers turning to auction houses. But while you may be able to pick up a discount, there are risks involved. Rebecca Atkinson explains how to buy a repossessed home at auction.

House prices have fallen significantly over the past 18 months and it is now possible to pick up some real bargains. Whether you are a property investor, a buy-to-let landlord looking to extend your portfolio or are simply looking for a new home, then the slow market and lower asking prices could well be whetting your appetite for buying.
At the same time, with increasing numbers of people unable to pay their mortgage, the number of properties being repossessed has also risen. This means there is a large amount of housing stock sitting on the market, potentially at a significantly reduced value.
For people interested in buying now, seeking out a repossessed home represents a real opportunity to snap up a property at a discount. However, you need to know where to look - and also consider the risks involved, especially if you are planning to buy through an auction.
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