Modern auction

[Ilkleymoor]

What's with all the bloody auction houses! Slight exaggeration but it feels like any interesting house that pops up in the area we're interested in turns out to be an auction.

Is it selling a deceased family members home? Repossession? Seems like a terrible deal for a potential purchaser, who buys them?

Likely the vendor needs a quick sale or (more likely) the house has an / some issues that mean it will be difficult to mortgage or it needs major refurbishment.

You can make an offer on the property before the auction, or after the auction it it doesn't sell (i.e. reach its reserve price).

I've bought at auction. It has usually been a very run down house or a probate sale, though occasionally they are people who want a quick sale. The advantage for the buyer is they have possession within 28 days (which means you have to get your finances in order first and visit with a builder if possible), and hopefully a bit of a bargain.