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Why would a house be sold by auction?

KaratePigeon · 2017-10-21 12:04:47

We've seen a bungalow for sale, in the area we want to buy (where very little comes up for sale at the moment!) But on the rightmove listing it says 'for sale by auction, unless sold prior'. What does this mean, is it for cash buyers only? is there likely to be something structurally wrong with it? I haven't seen it for…

Comments

knightstyle Posts: 7,241 Forumite

21 October 2017 at 7:59PM

Just make sure it really is going to a "proper" auction. Ask the agents when and where the auction is.
Lots of houses which are sold by auction are just a way of the sellers making te buyers the sale costs.
We get leaflets telling us we can sell our house with no fees by doing this.
If you want the house then make an offer, you can always withdraw later if you find problems but make sure he agents know this is not an auction bid.

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