Online property auctions, such as BidX 1, are not for everyone.
But there are bargains to be had for a specific type of individual.
Firstly, you need to be a cash buyer. Theoretically, a buyer could probably obtain a mortgage on an auction property but it would be extremely difficult.
Secondly, you need to accept that the property you will be bidding on will probably be one that was repossessed and is a forced sale by the mortgage holder. This may be a problem for some people, for others it will not cause a moment’s pause.
Thirdly, you need to be prepared to accept that the title may be slightly defective or less than 100%. This can be rectified in the vast majority of cases but will take a little time and will need you to rely on your solicitor to sort it out.
If you can live with these 3 provisos you can pick up a bargain quite easily, provided you do your homework and have title and the property checked in advance of the auction.
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