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• Positive and Negative Point of Auction Properties

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Benefits and downsides to property auctions

Buying a commercial property at auction affords you certain benefits and positive points. Unfortunately, there are negative points associated with auction properties too. Before attending an auction, it’s always worth knowing all these point to allow you to effectively make the right decisions.

Positive points of buying property at auction

Buying properties at auction has a number of positive factors and advantages associated with it. Compared to buying a property in the traditional fashion the unique nature of an auction may surprise you when it comes to investigating the plus points that we detail below:

• Buying a commercial property at auction is a simple process
• You may get the property more cheaply
• The deal will be completed rapidly
• Once sold, the seller cannot accept interests from other parties
• No negotiations
• No chain
• buyer knows the seller is committed to selling

Negative points of buying property at auction

Of course, not every facet of buying a property at auction is positive, there are some negative points associated with auction property that you should be aware of. MOVEHUT always recommends making sure you are fully aware of the implications of bidding and/or purchasing a property at auction and we have detailed some of the key negative points below:

• Potentially poor Limited time to inspect property condition
• Hidden problems with the property
• Can be a daunting experience
• No time to change your mind during the process
• Temptation to pay too much or be drawn into a bidding war

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