if you uncover nasties in the property
surely that’s fixed by surveying before bidding? Otherwise how would you decide what to bid up to?
[/quote]
Most people don’t get a proper survey before bidding at an auction. I tried to buy one recently and was the only person that had. As it happens they sold it privately just before the auction was held. VERY annoying – had instructed solicitors & the survey was £700 – almost a grand wasted as we’d been told by the auction company that this property WOULD go the to room on the day.
As it happened, the survey found a multitude of problems so somebody will have caught a cold buying that without realising! We pulled out of the purchase thanks to the findings.
IME, auction properties are usually repos or have some problem precluding their sale normally.