The auction of residential property?

My son is looking for a house to buy, first one, and wondered about buying at auction. Thought I could get a business, any tips? Someone out there in England made this kind of thing and do the job. It would be interesting to know of someone who had a bad experience in buying / selling at auction. We went to an auction yesterday and the prices paid were incredible for only homes every day.

The problem with the purchase at auction is that you are under contract of sale when the hammer down. Therefore you must be sure that you have funds to buy the house. If you are looking for a mortgage then the mortgage offer has to be given before going to the auction. Therefore have to spend a valuation fee and expenses before going to the auction and may lose that if its bid is unsuccessful. If your child has savings availbable him, and he sees a property that you like, you have to check out paperwork and do the survey before that is committed, as the property may have something structurally wrong with it. Auctions are good for people who have cash, with experience in building and maintenance and to take risks. I would not recommend for someone with lack of experience in property as you can get caught.

Hillel House Auction