Auction Properties | Ramblings of an e-trader

Friday, 19 November 2010

Auction Properties

I recently gained access to an online property auction database and am having a confusing time going through the many, many properties that are going to go under the hammer soon.

While I always have a bad feeling buying something like this, because I know that these people are forced to part with their properties because they are unable to service their loan or something, my friend, who is a veteran when it comes to bidding for properties and winning some, told me that in a lot of cases, it is worth buying auction properties because it could be 30% cheaper than the current market.

Well, I really don't know if I should since I am buying for my own use with a view for further investment and not purely for investment only, like what my friend is doing. Still, I am not ready to commit myself to a property yet. Just thinking about the duration of the home loan gives me the creeps!


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