Is purchasing a house from auction still viable

Has anyone purchase properties from aution in the past year?. If yes, are there still good deals out there. What auctions are availabe? any information re website and phone number will be greatly appreciated. I am looking to purchase a property in the south east that already has equity.

What does your last sentence mean?

J.B.

I suspect it means they shouldnt be buying at auction.

Regards, NT

"Worth more than it sells for"

Zane.

Zane replied:

Erm, err.... err, yerse. Hmm.

"N. Thornt> I suspect it means they shouldnt be buying at auction.

I suspect you may verry well be right!

J.B.

To buy at auction you need to have the readies although there may be schemes which might let you set up a loan on the spot.

Whether the property will have any equity will of course depend on (a) its market value (b) the price it goes for.

I work closely with someone who buys stuff from time to time at auction and sometimes comes back with something that is under the market price. Usually he has worked out carefully what the maximum he is going to pay is and others are a bit keener to buy. Be assured people who can put down six figure sums on the auctioneers hammer know what they are doing or they will lose money very quickly indeed.