Buying property at auction involves a number of risks and the reward for those risks should result in a lower purchase price than if you had bought through an estate agent. In buying property at auction and the speed with which the sale is made, it is critical you price the uncertainties. Unless a profitable RTRR exists there is no commercial incentive to buy at auction rather than through an estate agent.
This 'Glossary of Terms' – those commonly used in the realm of property auctions, is monitored and updated regularly to remain a current reference point.
If there are any terms that you have come across which we have not included here and you are unclear about, please do get in touch and we will be happy to provide you with a clear explanation and add the new term to our list.
For more information on buying or selling at a property auction, have a read of our guide to buying at auction.