I have posted on several occassions regarding the pros and cons of using auctions. Gone are the days when a complete amateur could walk in to the German auctions and be confident they have snapped a bargain.
Most of these properties are there for a reason - they are problem properties or problem areas.
I have purchased and will continue to do so but I do not purchase without the advice of my German partners. BE VERY CAREFUL if you are tempted to go ahead without this sort of local and specialized knowledge.
In many cases the prices are approaching and surpassing what you would pay from the estate agents windows.
German workmen are invariably top craftsmen and will expect to be paid as such. Renovations will probably be first class and the bill for it will reflect this.
Enter into these purchases and renovations with your eyes open. You can lose your shirt. If these properties were considered, "Good investments" Don't you think your German counterpart would be snapping them up?
Do you think the Germans are niaive, stupid, or less shrewd than yourself? Or - are they not purchasing everything under the gavel because they have a clearer view of their own market than you might have?
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