Things to consider before buying an auctioned property

Buying auction property is exciting and interesting as you know you may have an opportunity to get a property at a price much lower than the market price. But do you know how it comes initially? Most of the time it begins when a homeowner gets into difficulties meeting their monthly repayments and ending up the property will then either be put on the market through an estate agent or sold directly through an auction. Buyers who makes the highest bid during the auction process will get to buy the property as long as the bid price meets or exceeds the reserve price.

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