If you are a first time buyer then an auction is probably not the way to go. When a bidder wins a property they have to pay either 5 or 10% there and then. You also must insure the property straight away. After that you will have 28 days to pay the rest in full or you will lose the deposit and property. Most mortgage brokers will not release a mortgage for a property won at auction. Even if they would they cannot guarantee it will be ready within 28 days.
Estate agents can give you all the information you need on auction days/times, and all the information about bidders guides and bidding numbers.
When you view an auction property it is usually as a group viewing. You will always get other punters trying to put you off bidding, you'll hear a lot of sighs, tuts and "oh dear, look at that!"'s.
Don't be put off if you are serious about bidding, make your own mind up.
Just like repossessions the property is likely to need work doing to it and essential aspects may not be tested.
Auctions are suited more for the property developer with wads of cash ready, but with the right information and funding a cheap home could be won by anyone, but I personally wouldn't take the risk.
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