Buying at auction: Are there deals to be had?

First-time buyers drawn in by prices on online property auction sites must be good to go

Characterised by sometimes unloved properties at knockdown prices, auctions can appear to be dominated by investors and cash buyers looking for an asset, not a home. A well-organised first-time buyer who can act fast and hold their nerve could get lucky, but there are challenges.

What’s the story

Properties listed for online auction sometimes have a back story. An online auction brings a quick sale and there is usually a good reason the vendor needs it. It could be that they, or their bank, need to cash out quickly. If there is an issue with rising damp, a sitting tenant or a niggle with the title, online auctions can attract more seasoned cash buyers with the experience and the resources to sort things out.

The Irish Times
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