Market Terms
Auction Property
Property sold through public bidding process
Full Definition
Property auctions offer opportunities for BMV purchases but carry risks. Upon hammer fall, you're legally committed to buy (10% deposit immediately, completion within 28 days). Properties often have issues preventing traditional sale. Always view, conduct legal searches, and arrange finance before auction day.
Related Terms
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Analyse a PropertyMore Market Terms Terms
Below Market Value (BMV)
Property priced lower than comparable sales
Comparable/Comps
Similar properties used to estimate market value
Off-Market Property
Property for sale not publicly advertised
Property Sourcer
Person who finds investment properties for fees
Rent-to-Rent (R2R)
Renting property then subletting for profit
Rental Demand
Level of tenant interest in an area