Buying at Auction 11 02 2008 - News Archive

Buying at Auction

It is predicted that 45k properties will be repossessed during 2008, that’s around 124 every day. Quite a lot of these properties end up at auction. In 1998 there was less than 15k properties sold at auction, this figure has now doubled and now makes up 8% of all the property sold in the UK.

In the past property auctions where frequented by builders, landlords and investors but now due to various TV shows they have attracted the regular buyer as well and are becoming more popular. Catalogues are available but most people view via the internet. If you are considering buying at auction make sure you are fully prepared as once your bid is accepted you have about a month to complete the sale in full.
 
:: Added on: 11:02:2008 ::

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