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Question about House Auction in the UK?
I have been trying to get a flat near my area but it has recently been put on the Auction that I cannot just buy it anymore.
I talked to the agent, she said that I need to pay 480 administration fee, which is fine. And 3000 pounds deposit that will be deducted if I win the autction but if I don't win, the 3000 pounds is none-refundable.
I don't understand the deposit. So if there are 30 people in the auction, they all have to pay 3,000 pounds each and only one person will win. There are the 29 x 3,000 = 87,000 pounds going to?
I am the first time buyer so I have no idea. Can anyone give me any help on this pease? Before I pay with 3,5000 pounds before I even go to the Auction.
1 Answer
- sunshine_melLv 79 years agoFavorite Answer
Rather than lose £3000 in an auction you might not win, why not try finding alternative properties?
Look on the RightMove website
