Buying property at auction

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PROPERTY auctions are considered somewhat unusual, typically being out of the limelight, but attract a legion of devoted buyers and sellers across the world.

Auctions normally see unique homes, or properties requiring restoration put before the hammer, although repossessed homes and those needing a quick sale are often to be found.

Advantages of buying or selling at auction include a binding contract the second the hammer strikes, completion of the whole process often within a month, full transparency, and the use of a minimum reserve price to protect the seller.

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