How to Successfully Buy a Property at Property Auction

With the current high number of buyers and shortage of property in Ireland, many people are looking for various ways to get into the property market. Purchasing property at property auctions, especially through the internet, is now more prevalent than ever before. Despite this being the case, it is important that you become aware of the issues that may arise during property auctions.

With the recent COVID-19 pandemic, online property auctions have grown to be a popular way of buying and selling property in Ireland. What many people do not know is that buying at auction is completely different from buying a property from an agent. 

The first thing that could go wrong when buying at auction is that when the hummer falls, you will have to sign the property’s binding contracts and make a deposit of 10 percent of the property’s purchase price. Therefore, if you are getting a mortgage, you have to ensure that you apply, and of course,  get a mortgage before the day of the auction. This is sometimes a lengthy process. After making the …

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