What kind of property is sold at an auction?

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What kind of property is sold at auction?

There are a lot of different types of properties that go under the hammer at auctions, these are the following, homes that have been repossessed by the mortgage lenders, properties that need modernisation or repairs .properties that have been on the market for a long time and that have not been sold and investment properties. Properties that have been repossessed by the lenders are being sold to clear the previous occupants debts, these properties may have been left uninhabited for some time and thus they may need minor or major refurbishment work. This may be very costly depending on the state of the property. Properties that need repairs or modernisation, in the past these use to be the domain of the builders, however with the move to DIY and the amateur property developers , these properties tend to be getting fewer and fewer, and are in high demand at the auctions. Properties that have been on the market for a long time may also be on auction due to the fact that the seller may want to sell it fast, or maybe due to other problems that had come to light when it had a survey with an open market buyer. It is wise to read up and research on the properties that are going under the hammer before you go to the auction, and try to understand why they found it difficulty to sell, on the open market. Investment properties are those properties that generate cash incomes, these are mainly commercial properties, and hotels etc. once again you must research about the property prior to the auction and know exactly what the terms of the tenancies are