There’s a certain mystique around property auctions. On the one hand they appear to offer the potential to snap up a house or plot of land for less than its true value. On the other, there’s the nagging fear of buying something that later turns out to be a money pit.
There’s also a sense that investors and developers tend to dominate property auctions, and that private individuals are likely to be at a disadvantage compared with the seasoned professionals that might be bidding on the same lot.