Motley Fool: Homes Under The Hammer

Auctions are for people who don’t mind taking a risk, aren’t they? They’re not for the likes of us who are more used to using an estate agent when buying or selling our one and only home? Well, yes and no.

For a start, if you want to act quickly, then you can’t beat an auction. The buyer is usually obliged to stump up a 10% deposit from the moment the hammer falls, and is then committed to completing the deal 28 days later. If you need or want the deal to be done and dusted inside a month, then consider an auction. And the costs if you’re selling aren’t really that much different to those of an estate agent….

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