josimar wrote: Each week there are always adverts of land and houses being auctioned and I hear one can make a purchase at good price. After one has purchase how peaceful is transfer of property to new owner? Any one here who has been in this before and made a purchase from the auction ?
Imagine you have saved for years and bought a plot. Then saved for many other years and built yourself a house. Then you spent your time and money for the next couple of years putting "final touches" to the house. Then you take out a loan and you actually paid back most of it [or all of it as far as you are concerned]. But from the banks calculations you owe so much plus fines and other funny costs!!! But your house is worth FAR much more than that in any case. Probably at one point you even offered to pay off the amount but the auctioneer either could not hear any of it, or started adding some other funny cost or took you in circles etc.! Then a fellow - who for all you know might in bed with the bank - is sold your house at a throw away price!!!
How peaceful would be the rest of the process.
Personally I don't buy auction stuff. It's a moral issue [which some might challenge - but I stand by it]. I never want to benefit from someone else's misfortune. Some might say some people take loans and waste the money and then refuse to pay back even though they can afford to.
But there are others who are being screwed over!!! I don't have the resources to investigate the history so I give everyone the benefit of doubt and stay away from their property. I know someone else will always buy, but it will never be me!!!
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.