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The Disadvantages Of Buying At An Auction While it is exciting to buy at an auction, and you may get a bargain, there are some disadvantages that you have to consider. One of these is that there is often not enough time to arrange for the building inspections that are usually deemed necessary, so you may end up with a property that is full of white ants or structurally unsound due to some other reason.Another disadvantage of buying property at an auction is that there is no cooling off period, so if you change your mind after the excitement is over, too bad; you're stuck with it. Don't forget in an auction that the seller sets the terms of the sale and there is no negotiating as in other forms of buying property. In some locations it is also legal for the seller to bid
as many as 10 times on the property to try and push the price up. But he is also legally required to show this intention, so you can find out if this will be the case by reading the Conditions of Sale of Freehold Property Document beforehand.If you are the kind of person who procrastinates a bit and haven't arranged all the necessary finance and lawyers beforehand, then you might find yourself in trouble with legal proceedings, because you must pay the full deposit immediately. Are you a first home owner? Find out more about home loan products from QuickDirect.
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