Ask a questionQuestion?

ᐅ Is it always necessary to pay in cash at an auction?

Created on: 12 Jan 2009 08:55
L
Lily
Original post
Hello,
I have a question and I hope you can help me. Newspapers often feature beautiful houses being auctioned, and there are probably some good deals. A friend told me that if you bid at such an auction, you have to pay the purchase price immediately in cash. Is that true?
L
Lily12 Jan 2009 10:21
#7
If such an auction is announced, there is always a contact person listed to reach out to. If I were you, I wouldn’t take any risks and would ask in advance how the process works. Because it can definitely vary depending on the location.
L
Lily12 Jan 2009 10:30
#8
Yes, it’s best to check with the auctioneer and your bank beforehand, because if you come in at short notice, you might not receive such confirmation in time.
W
wabe17 Jan 2009 22:11
#9
Auctions carry a very high risk because you usually do not have the opportunity to inspect the house for possible defects beforehand, and any reports may not list all issues. What initially seems like a bargain can quickly turn into a nightmare.