There are many risks that come with buying a property at auction. If the property seems like a bargain, there is probably good reason for it. It is strongly recommended you ask a solicitor to check through the legal pack in the weeks leading up to the auction date, as well as getting a survey done in case of structural or other issues.  You should be conscious of the fact that on the ‘fall of the hammer’, exchange of contracts takes place, which is a legally binding contract between the buyer and the seller. This is often misunderstood. You will be committed to proceed with the purchase in accordance with the terms of the contract, if your bid is successful.