Property auctions usually involve bidding on a house or commercial building, either in person or online. Whilst some details will be given, it is unlikely that you will know a great deal about the property that is up for sale. For example, no structural inspections will have been carried out and you will know very little about the decor or the condition of the property internally. It can be incredibly risky to buy a property that you have never seen before. What if it has pervasive damp problems? What if there is structural damage? Will it need to be re-planned internally?

However, auctions can be a great opportunity for property developers. If you know about the area and have some idea about the property, it could be a very worthwhile investment. You will be able to get properties for well below the usual asking price, leaving you with money left over to carry out the required work.