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The chief attraction of buying at property auction is that you can buy the property at far below the prevailing market rates. It is reported that properties at auction can be bought at nearly 30 to 40 percent cheaper and the transaction takes place without much hassles.
In fact properties at auction can be purchased, contracts exchanged, completed and paid for in full within 28 days. The types of properties sold at an auction are predominantly - Repossessions, Private Sale, Government & Local Authority and Commercial.