....safe?
We've found a house we really like, but it's for sale via modern method of auction.
It's been on the market a while and we'd initially bypassed this house and any other mma properties as assumed they were really only viable for cash buying investors. But the agent urged us to look at it, said it ticked all our boxes (it does) and advised mma isnt the same as a general auction and can be treated like any other property sale.
But I'm still nervous to make an offer. I'm concerned it's too risky and that we could still be liable to fork out thousands in auctioneers fee's even if the sale happens to fall through (say, for example, if our buyers pull out) and time restrictions placed on completing the sale.
Does anyone here have in-depth knowledge of mma sales or bought a property themselves via this method? Are there any risks or pitfalls we need to be aware of?
We really love the house, but just so apprehensive as we're not experienced house buyers. We were FTBs when we bought the house we're in now, so this would only be the second house we'd be buying. I don't want to make costly mistake we can I'll afford...