While you can often buy at a lower price with auctions, your challenge is discovering the truth about the likely selling price.

At auctions, thousands of home buyers lose money through legal and inspection costs for homes they never had a chance of buying. When they realise they have been tricked it breaks their hearts.

Auctions can be deceitful and cruel. Unless you know what you are doing, it may be best to do what many buyers do – forget about buying at auction.

If you must bid at auction, learn the “7 Rules of Buying at Auction” – (see page 38 of the book, Real Estate Mistakes, available in most bookshops).

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