Buying a property at auction isnt necessarily reserved solely for investors. Although frequented by individuals who are looking to add value to their existing property portfolios, auction houses dont carry any restrictions as to the type of people that can attend and bid on a lot. It doesnt matter if youre a first time buyer, a retiree, or simply looking for a new family home at a lower price, buying an auction property can be cost effective and eliminate the potentially long process of buying a home in the conventional way. Many individuals who are visiting a property auction for the first time, with a view to bidding and purchasing a new asset, may find the process a little daunting. It may be best to actually visit a few auctions and sit in without bidding, just to get a feel for the way auctions are run. However, when you have found the right house in the right location and you see that it is going to auction follow our quick guide to buying an auction property to make sure you have all the basics in place.