A property auction is when a property is sold to the highest bidder - this can be done on-site or at an online auction event.
Keep in mind that there are different types of auctions, namely:
If you want to buy a property on auction make sure that you are prequalified, that you have finances ready as the payment of the deposit is usually required immediately, in cash, after the winning bid and the auctioneer also requires a commission payment worked out as a percentage of the auction price. It is also advisable that you read the conditions of the sale carefully.
Here are some common auction myths we debunked