Buying at a repossessed property auction can be a great way to grab yourself a distress sale or repossession bargain. In fact, almost all of the UK’s cheap property is sold via auction.

A legal commitment to buy:

When your bid is accepted at a house repossession auction, you’re legally committed to buy. In law, your final bid is viewed as the exchange of contracts… just like that. You can’t pull out of completion without paying damages.

The big advantage to house repossession auctions is, of course, that you can’t be gazumped. And, unlike with a standard sale, the seller can’t withdraw at the last minute. Obviously this is completely different from buying through the normal channels.