Buying a property at auction involves making a purchase at speed. Once the hammer falls, the buyer is legally committed to the purchase, the deposit becomes payable and usually the buyer is required to complete the purchase within twenty eight days of the auction date. While there are bargains to be had at auctions, very often an auction property is one that would be very difficult to sell in the general market place due to its poor condition or because is has legal problems. Buying at auction carries more risk than buying in the conventional way. It is therefore vital that a potential buyer is well informed about the property before he places his bid.
