Have you been tempted to go to a property auction?

[totallyproperty]

For many people there is a certain mystery and secrecy surrounding property auctions although if you do your research you will find that they are relatively straightforward. There are reports available on all properties for sale and you will have the opportunity to visit these properties before auction day.

We would be interested to hear from those who have attended property auctions around the world and whether indeed it is easy to remain cool, calm and collected or did you overshoot your budget?

 

[nmb]

I think you need to be a certain character to maximise property auctions for long-term financial gain. It is very easy to get carried away and start bidding on properties you have not researched or over bidding on properties that you want. If you are investing pure and simply to make money then think of properties as boxes that you buy and sell and have no emotional attachment whatsoever.

 

[aurelie]

I have bought a property in Southern France @ an auction. Well, my lawyer did it for me...
On the free property market, I would never have been able to buy this kind of estate.

The only reason to do so, is getting the property much, much cheaper (30% of market price).
It's a lot more work and needs much more preparation than just buying a property on the free market. And it's much more stressful, too.

Looking at British auction catalogs, discounts are not interesting enough for me in order to do it again...

 

[PostBrexitInvestor]

Unless you do your research on property auctions there are many potential pitfalls which many investors have fallen into over the years. However, as you mentioned it is possible to pick up some bargains although you have to be firm with regards to your maximum bid. Do not end of chasing the price!

 

[Ben Kinder]

I'd like the excitement of it, not sure I'd like the surveyor's report on what I'd just bought though!

 

[Longterminvestor]

You need to be very focused on what you want and how much you are willing to pay. Don't over pay at auctions as, like buses, there will be another one coming around the corner in a minute